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Super hike slammed for increasing first home buyers hurdles

Article image for Super hike slammed for increasing first home buyers hurdles

Superannuation contributions are set to increase from July but politicians and business leaders are warning the hike will come at a cost to weekly incomes. 

Federal member for Goldstein Tim Wilson told Luke Grant super contributions have made it more difficult to buy a home.

“Everybody’s cost for wages includes super,” he said. “So if you pay more in super, you get less in wages.

“Today, a young worker at the age of 18 contributes to their super before they’re even able to buy a house, which means we’re social engineering and making it harder for younger Australians to buy a home … and they’re getting less and less time to pay it off.

“That comes at the expense of their working life and their retirement.”

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Image: Getty

Luke Grant
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