00:00Because of the cost of living crisis at the moment, I'm very concerned about a lot of
00:04people who are going to lose their homes because they can't afford the mortgage.
00:13As Ken Henry said, superannuation will be accessible at 9%, there's no problem with
00:22it.
00:22We have made it 12%.
00:25So, what we can do is allow those struggling families to access their super for a period
00:32of three years.
00:34Nothing changes.
00:36The employer puts money into the account.
00:39Is the individual, it is their choice if they want to access 3%, 9% is fixed, that 3%
00:47can
00:47be accessed for a period of 36 months.
00:50Here's the thing, you do that, prices will go up even further because you've got more
00:55demand in the economy, and then what does the Reserve Bank do?
00:57It puts interest rates up to counterbalance that.
01:00So, this feels like a good idea.
01:02People are still probably nodding along going, well at least give me the money.
01:04The reality is in the medium term, probably means higher inflation, probably means higher
01:09interest rates, and then as you say long term, the issue becomes the superannuation balances
01:13in retirement.
