Barnaby Joyce, One Nation’s Treasury spokesperson, says his party has not modelled the potential impact on retirement incomes and inflation from his party’s plan to give millions of households early access to their super savings in his second combative interview in two days.
The morning after telling the ABC’s ۷.۳۰ program that he “was not Jesus Christ” and so could not be expected to know everything, Joyce on Tuesday ridiculed any suggestion that One Nation’s proposal should have included the economic analysis that typically accompanies major policy proposals.
“Is there an implication beyond it being their money? Do you model the money you get paid at the end of the week?” he asked rhetorically.
The New England MP also told ABC Radio National on Tuesday that the lack of any guardrails around who could access their super early and for what purpose was not an issue as “people are not stupid” and would not take their money out of super unless it made financial sense.
“If they believe … that the alternative of getting their money to pay for their rental, to pay for their house payment, would be to leave it where they’re getting a spectacular return in their super … then most people who have a brain between their ears will do precisely the latter and leave it in the investment of superannuation,” he said.
Under One Nation’s proposal, Australians who pay rent or a mortgage – so roughly ۹ million households – would be given a choice to divert a portion of their superannuation to their take-home pay for up to three years.
The full ۱۲% compulsory super contribution would still be paid by employers but ۳% could be paid directly to the account holder by their super fund, and still taxed at the lower ۱۵% rate.
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Modelling by the Super Members Council, which represents the not-for-profit super sector, suggested the average worker would be $۲۵,۰۰۰ poorer by retirement were One Nation’s scheme implemented.
The prime minister, Anthony Albanese, has savaged One Nation’s plans, telling a meeting of Labor’s caucus that the plan was a threat to the compulsory super rules.
“Once you lose the principle of universality, the policy starts to disappear,” he said.
“If you watch [the Joyce interview], it’s clear that the policy has not been thought through.”
Jim Chalmers, the treasurer, attacked the super policy as “an absolute shambles”.
“They haven’t been able to tell us: what does this mean for pension spending? They haven’t been able to tell us: what are the broader economic implications of this superannuation advice from One Nation? This is a shambles from beginning to end.”
