Real estate, super and who ultimately clips the ticket
Is it just Outsider, or does tyro, hipster NSW Liberal Senator, Andrew Bragg, have an fascination for residential real estate?
Why, it was as early as April that Bragg, notwithstanding warnings to real estate agents by the Australian Securities and Investments Commission, was encouraging his hard-pressed constituents to avail themselves of early access to superannuation because “superannuation is for a rainy day and today is the rainy day”.
A little later, the good Senator came to notice for having been made a Grand Commander in the Greek Orthodox Archdiocese of Australia’s Order of Christ-loving for having assisted his Eminence Archbishop Markarios of Australia to gain permanent residency and to source a luxury Sydney apartment with “stunning views of the Sydney Harbour Bridge, the Opera House, a concierge and a heated pool”.
Now, having dealt with the modest accommodations of Archbishop Makarios, Bragg evidently wants to help some of Australia’s young battlers get into a three-bedroom brick veneer with ensuite and lock-up garage by raiding their superannuation.
Outsider assumes that Bragg has done the numbers on this exercise, including holding the superannuation guarantee at 9.5%, and that when those battlers find themselves retiring with an inadequate superannuation balance he will help them access a reverse mortgage.
That’s all good, because whether it’s a mortgage or reverse mortgage, someone is clipping the ticket somewhere.
AUTHOR
The Outsider
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