Australian Prime Minister Scott Morrison on Monday defended his election platform to allow new buyers to use part of their retirement savings to buy homes in an effort to attract younger voters as the campaign enters its final week. Morrison, trailing in polls ahead of Saturday’s national election in his election campaign amid criticism that the decision would raise prices to force more people out of the market.”It’s your money, you earned it and saved it from your pension,” Morrison told Channel Seven on Monday.
Morrison scheme
Under the Morrison scheme, first-time home buyers can enter into retirement savings of up to A $ 50,000 ($ 34,725) to increase the deposit. Cheap loans accelerated housing growth over the past year, which is a result of domestic wealth, but also easy access. Prices rose 22.4% last year, the largest increase since June 1989, with the official 10.8 million Australian housing prices rising by A $ 2 trillion ($ 1.4) billion) to A $ 9.9 trillion.
The rising cost of living, which has been cited as a major issue for voters in some voting systems, has put pressure on Morrison’s Liberal-National coalition, which has one seat in the lower house of parliament. The policy “as a last resort for the dying government”. “It simply raises prices. This is like throwing paraffin on a large fire,” Housing Minister Jason Clare told ABC television.
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