Women will be hit by both higher house prices and lower retirement savings under Morrison Government plans to allow the early release of super for housing, hitting older women and women at risk of homelessness the hardest.
“This will supercharge the homelessness crisis that single women are facing in the country,” Women in Super CEO Jo Kowalczyk said.
“Under this policy older women will be further locked out of housing markets, while younger women are pressured to gamble their retirement security for secure housing.
“Women already have lower on average super balances than men. And as more women than men withdrew the maximum out of their super under the Covid Early Release scheme, women will have less access to this scheme.
“Australians should not be forced to choose between their future financial security and a roof over their heads now.
“Women in Super has called for gender analysis of any policy changes so that further negative impact on women can be mitigated.”
Women in Super is an industry body that advocates for superannuation policies to improve women’s economic security.