PM woos older Australians with housing super changes

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Older Australians will be encouraged to downsize their home under a Morrison government plan to lower the age threshold for superannuation contributions from property sales to 55.

Prime Minister Scott Morrison will unveil the plan at the Liberal Party’s official launch in Brisbane on Sunday. The government says it will let up to 1.3 million more Australians use the sale of their family home to contribute to their super.

Prime Minister Scott Morrison will use the Liberal Party’s official campaign launch in Brisbane to announce a plan to encourage more older Australians to downsize their home. James Brickwood

The changes, designed to free up housing supply, also include doubling the time pensioners have to restructure their assets following the sale of their family home, with proceeds to be exempt from the asset test for two years.

“By removing barriers for Australians downsizing to residences that better suit their needs and lifestyle, we are helping to free up larger homes for younger families,” Mr Morrison said.

“Buying your first home is never easy and that’s why we have been focused on helping more than 300,000 people realise the great Australian dream of owning a home.”

Under the current rules, people aged 65 and older can put up to $300,000 per person in their super from the sale of a home. The age threshold will drop to 55 from July 1 and the Morrison government expects this to make 1.3 million more people eligible.

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