Key facts
- One Nation's Treasury spokesperson, Barnaby Joyce, admitted the party has not modelled the economic impact of its superannuation policy.
- The proposal would allow approximately 9 million households to divert a portion of their superannuation contributions to take-home pay for up to three years.
- Modelling by the Super Members Council suggests the average worker could be $25,000 poorer at retirement if the scheme is implemented.
- Prime Minister Anthony Albanese and Treasurer Jim Chalmers have criticized the plan, calling it poorly thought-out and a "shambles".
Barnaby Joyce, One Nation's Treasury spokesperson, has acknowledged that the party has not conducted economic modelling on its proposal to allow early access to superannuation savings. In a series of interviews, Joyce defended the plan, suggesting individuals are capable of making sound financial decisions regarding their retirement funds and would not withdraw savings unless it was financially prudent.
One Nation's proposal would permit approximately 9 million households to divert a portion of their compulsory superannuation contributions to their take-home pay for up to three years. While employers would still pay the full 12% contribution, 3% could be paid directly to the account holder, taxed at the lower 15% rate.
Modelling by the Super Members Council, representing the not-for-profit super sector, indicated that the average worker could be $25,000 poorer by retirement if this scheme were implemented. Prime Minister Anthony Albanese has strongly criticized the plan, stating it undermines the principle of universal compulsory superannuation and has not been adequately thought through. Treasurer Jim Chalmers echoed these sentiments, describing the policy as "an absolute shambles" and highlighting the lack of clarity on its implications for pension spending and broader economic effects.