Don’t Touch Our Nest Eggs – A Call To Find an Alternative to Making Homes Affordable

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Australian homeowners are calling for an alternative to the making homes affordable program that won’t deplete their hard-earned nest eggs.

As housing costs climb and incomes drop, many demand an alternative to Making Homes Affordable to safeguard their financial security.

Homeownership status and superannuation balance at retirement are the two most influential aspects of ensuring a comfortable lifestyle for Australians in their elder years. All other factors pale in comparison to these two variables when determining one’s quality of life.

Of the two, owning a home is by far the more important. Retirees who are renting can be at significant risk of poverty compared to those able to live rent-free in their retirement years, allowing them an adequate lifestyle and sometimes even luxurious living on Australia’s aged pension payments.

This month, the Albanese government is finalising legislation to submit to parliament to fulfil its promise of creating a $10 billion Housing Australia Future Fund. Revenues from this fund will be used for constructing thousands of homes that low-income households can rent at reduced prices. Through this effort, more individuals and families can access secure housing options they otherwise may not have been able to afford.

“The first step in addressing housing affordability is ensuring all Australians have access to safe and secure housing. This legislation will do just that,” said Minister for Families and Social Services, Hon Amanda Rishworth.

“It will provide funding for the construction of new social and affordable housing, as well as support the existing stock of social housing.”

Although specifics are limited, the government has intimated its desire for superannuation funds to invest member funds into the sector with assistance from taxpayer-funded subsidies.

The community housing sector desperately needs resources to assist with the construction and delivery of its initiatives, which has prompted a few primary industry super funds to invest in building and owning low-cost housing. They have wholeheartedly embraced this concept as well.

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