Member for Mallee Andrew Broad opposes plan to allow first home buyers to access superannuation for deposit

“Using superannuation to address housing affordability for first home buyers is a lazy response to the problem,” Mr Broad tweeted on Wednesday morning.

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have reportedly considered a proposal to allow young people to access their superannuation to help build up a deposit for a home loan.

The proposal comes as the government is under pressure to back down from its promise not to alter negative gearing and capital gains tax discounts, which provide tax breaks to property investors.

Former prime minister Tony Abbott has said he is quite sympathetic to the idea of unlocking superannuation for first-time home buyers.

The superannuation proposal has been widely criticised by the Labor opposition and economists for transferring wealth from young people to older people, damaging retirement savings and potentially increasing house prices further.

Mr Broad’s own proposal to combat rising house prices would be to let people use their long-term rental history to help secure a home loan instead of a cash deposit, which can be as high as 20 per cent of the property price.