Scott Morrison hits out at Penny Wong over housing policy ‘gamble’ as he takes a swipe at Labor for having ‘lost touch’

Scott Morrison has hit out at Penny Wong for her remarks on the Coalition’s housing policy as he said Labor has “lost touch completely with the aspirations and goals of Australian families”.

Prime Minister Scott Morrison has defended his flagship housing affordability plan after Labor’s Penny Wong said he wanted Australians to “gamble” with their super.

Mr Morrison on Sunday unveiled the Coalition’s Super Home Buyer Scheme to allow first time buyers to access up to 40 per cent or $50,000 from their superannuation to put towards a deposit towards a new or existing property.

Ms Wong a day later told the ABC Mr Morrison “wants you to gamble your superannuation, gamble the superannuation system on this policy, a policy which will push housing prices up”.

But the Prime Minister hit back as he visited a housing development near Darwin on Tuesday, saying he was “disappointed” with Ms Wong’s remarks, while also accusing Labor of having “lost touch” with Australian families.

“I was disappointed yesterday when I heard Penny Wong talk about this policy as saying people would take a gamble on their house,” Mr Morrison told reporters.

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“A gamble? The most important investment you make in your entire life, as a family, is owning your own home.

“If Labor thinks that’s a gamble, then they have lost touch completely with the aspirations and goals of Australian families who their first objective is to ensure that they can own a home.

“And the advantage of this policy is it not only helps Australians get into their own home, but it also preserves their retirement savings for the future.”

Mr Morrison said he believed the Coalition’s measure “is the smartest thing that you and your family can do”, adding his plans ensures those eligible “can have lower mortgage repayments because they can access more of their super”.

Under the plan, the amount invested into the home will be returned to your super account, including capital gain, when the home is sold in later years.

“That program also ensures that when you’re investing in your own home through your super, you don’t pay tax on the capital gains. You don’t pay tax on the earnings. You do pay tax when it’s in your superannuation account ,” he said.

“So when the earnings from capital and the principle amount goes back into superannuation, it goes back tax free. This is why it’s a smart and good investment.

“I believe it’s the best and smartest thing you can do and the only way you will be able to get access to your own superannuation, to be able to buy your first home is by voting CLP (Country Liberal Party) here, LNP in Queensland , by voting Liberal and National, because the Labor Party, they hate this.

“They want big union funds to control your money. I want you to control your money.”

Housing is one of the key issues both the Coalition and Labor are campaigning hard on a bid to help win over voters who are struggling to enter the property market.

Labor announced during its launch earlier this month it would slash the cost of buying a property for up to 10,000 aspiring homeowners each year in a $329m scheme.

The party’s Help to Buy scheme aims to reduce the cost of home ownership by allowing the government to purchase up to 40 percent of the equity in the house.

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