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Old 03-12-2015, 05:59 PM
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Mary Pat Campbell
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Join Date: Nov 2003
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AUSTRALIA

http://www.smh.com.au/business/the-e...12-1427y1.html

Quote:
People with $10m homes shouldn't get the age pension, says former government adviser John Freebairn

People who own $10 million-dollar homes shouldn't be able to get the age pension, and the money saved by cutting their access should go to lower-income people, says a former adviser to the Henry tax review.

Melbourne University economics professor John Freebairn, who was an influential adviser to former treasury secretary Ken Henry's tax review when Labor was in government, also hit back at Treasurer Joe Hockey's comments that people should be able to tap into their super to buy housing.

<i>Illustration: Cathy Wilcox</i>
Illustration: Cathy Wilcox
The idea has already been slammed by the architect of Australia's superannuation system, former prime minister Paul Keating, the head of the Coalition's financial system inquiry David Murray, and former Howard government treasurer Peter Costello.

Communications Minister Malcolm Turnbull has also declared any attempt to allow first home buyers to use their super savings for a deposit to be a "thoroughly bad idea".

Mr Murray said this week that the idea was "inconsistent" with boosting retirement incomes, potentially later forcing people to sell their home to fund their retirement, which "would not be an attractive solution".

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