Politics
Barnaby Joyce acknowledges One Nation has not modelled its superannuation proposal
One Nation has not modelled the inflation or retirement impacts of its super plan, The Guardian reports.
The short version
- One Nation Treasury spokesperson Barnaby Joyce acknowledged the party has not modelled how its proposal to divert superannuation savings into take-home pay would affect inflation or retirement incomes.[The Guardian]
- The policy would permit approximately 9 million households paying rent or mortgages to redirect super funds to take-home earnings for up to three years.[The Guardian]
- Industry modelling by the Super Members Council estimated an average worker would end up $25,000 poorer at retirement.[The Guardian]
- Prime Minister Anthony Albanese and Treasurer Jim Chalmers condemned the proposal, labeling it a threat to superannuation rules and a shambles.[The Guardian]
Key facts
- Barnaby Joyce confirmed One Nation has not conducted modelling on how its early-access super proposal affects inflation and retirement balances.[The Guardian]
- The party's proposal would let about 9 million mortgage-paying or renting households divert superannuation money to take-home pay for up to three years.[The Guardian]
- The Super Members Council modelled the scheme and estimated the typical worker would face a $25,000 shortfall at retirement.[The Guardian]
- Prime Minister Anthony Albanese said the plan endangered compulsory superannuation, while Treasurer Jim Chalmers called the proposal an absolute shambles.[The Guardian]
What remains uncertain
- The exact macroeconomic impact of the proposal on national inflation and long-term public pension costs remains uncalculated by the party promoting it.[The Guardian]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.