The Great Australian Dream
Tags: super, superannuation, housing, super contributions
The “Great Australian Dream” has always been to own your own home. It has been an ambition and a sentiment – sometimes perhaps even a sense of entitlement – that Aussies have shared over the generations: the notion that if you work hard in this country, you will have the ability to buy your own home.
However there has been a lot of concern over the past few years, and again recently, that this dream may be getting out of reach for many Australians with the increasing cost of housing. There’s lots of speculation as to why this is, including speculation as to whether foreign investors are to blame for Australia’s high property prices.
Last month, the Social Progress Institute reported that whilst Australia is the world’s 10th most socially advanced nation, the lack of affordable housing is holding us back in the ratings against countries such as Norway, Sweden, Switzerland and New Zealand.
The Federal Government have even launched an inquiry into affordable housing, with the Committee’s final report due to be handed down by 8th May. The Great Australian Dream is being challenged.
In this environment, all we can do is “control the control-ables”. We may not be able to control the price of housing (or the cost of living more broadly), but what we CAN control is our super. Contributing a little extra to super now means that we can retire sooner, or retire with more money. With the end of financial year looming, now is the time to look at your overall contributions this year and your expected tax position, to see if you could benefit by making a contribution pre-30 June.
If you’d like some help with this, or would like to understand more, don’t hesitate to contact us.
