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One Nation’s reform is economic vandalism disguised as compassion
One Nation’s Barnaby Joyce and Pauline Hanson have apparently discovered a brilliant economic principle: if Australians cannot afford to live today, let them spend the money they will need tomorrow (“Chalmers warns of Hanson threat to super after One Nation leader calls system ‘broken’”, 17 August). Joyce wants broader access to super for housing and hardship; Hanson says the system is “broken”. What’s broken is their logic. If people cannot afford food, rent or a home, tackle those problems – don’t hand them a crowbar and point them towards their retirement savings. COVID should have taught us the danger of treating super as readily available cash: more than $36 billion was withdrawn, much of it by people who could least afford to sacrifice future returns. Existing early-access provisions cover cases of genuine hardship. Every dollar raided today means less at retirement and years of lost returns. It simply shifts today’s problem into the future and makes it bigger. Nor does it fix housing affordability. It doesn’t build a single home; it just pours more money into the market, pushing prices higher. One Nation’s apparent unfamiliarity with what drives inflation is becoming something of a theme. It is painfully clear that Hanson and her clueless treasury spokesperson understand remarkably little about superannuation. Tackling hardship at 40 by helping create poverty at 70 isn’t reform – it’s economic vandalism dressed up as compassion. Denise McHugh, Tamworth
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Pauline Hanson is targeting superannuation. Should it be easier to access your savings?
Investment experts say early withdrawal can substantially reduce retirement funds, but they suggest reducing contribution rates
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The One Nation leader has made it clear that her party backs looser rules around how Australians can access their retirement savings.
In a cost-of-living crisis, she argues it’s not right to force people to save for the future when they can’t make ends meet today.
“Some people, you know, who need these [medical] operations can’t get access to their superannuation to have that done,” Hanson claimed this week. “Superannuation should be lightened up a bit so people can utilise this money in times of crisis. It is their money.”
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