One Nation's proposed superannuation policy allows Australians paying rent or a mortgage to divert up to 3% of their future compulsory super contributions as take-home pay for up to three years. This would give them an additional $82 per week. The policy aims to provide "breathing room" for those struggling with cost-of-living pressures, without touching existing super balances.
Critics, including Health Minister Mark Butler and the peak body representing super funds, have labeled the plan as "economically disastrous", warning it will drive up inflation and make retirees poorer. The Treasury spokesman for One Nation, Barnaby Joyce, was unable to model the lifetime losses different Australians would incur from the policy during an interview on ABC's 7.30 program.
Pauline Hanson, leader of One Nation, has defended the plan, arguing it will give Australians a helping hand in a time of economic hardship. The proposal would allow almost two-thirds of workers to access the scheme, with employers continuing to make the full compulsory 12% super contribution.
However, the policy has been met with skepticism by some experts and politicians, who argue it will create a "sugar hit" for Australians while making the cost-of-living crisis worse in the long term.
