Morrison said first-time buyers would be allowed to invest a “responsible portion” of their superannuation in a new or existing property to help them get on the housing ladder.
“Superannuation is there to help Australians in their retirement,” he said.
“The evidence shows that the best thing we can do to help Australians achieve financial security in their retirement is to help them own their own home.”
Under the scheme, first home buyers will be able to invest up to 40 per cent of their superannuation, up to a maximum of $50,000, to help with the purchase of their first home.
However Labor blasted the policy, saying it would push property prices even higher.
Morrison insisted it was a responsible policy because home buyers would be required to repay the money to their superannuation accounts.
“This will be a game-changer for thousands of Australian families,” he said.
“They sit and look at the money on their balance and go, ‘If only I had that to help me now.'”
Shadow Housing Minister Jason Clare condemned the policy, and said it won’t help the people who need it.
He said the only people who benefit will be home sellers, who will get more for their property, with property prices being pushed up.
“What we saw today was the last desperate act of a dying government,” Clare said.
“It’s not going to help the Aussies who really need help to buy a home.”
He said 30,000 affordable and social housing properties would be built by Labor in the first five year, if they were elected.
In another new housing policy announcement, Morrison said Australians aged over 55 will be able to sell their homes and invest an extra $300,000 in their superannuation from the proceeds if the Coalition is returned to office after Saturday’s federal election.
The scheme already exists for those aged over 65.
The policy is due to change to people over 60 from July 1. Couples can contribute up to $600,000.
The aim is not only to help people invest their super but to free up housing stock for younger Australians so they can buy a family home.
Morrison stressed the Coalition government’s economic record throughout his campaign launch speech attended by former prime ministers John Howard and Tony Abbott.
Morrison said the Coalition had guided Australia through the economic downturn of the coronavirus pandemic and the country was reaping rewards today.
He said despite the hardships, “Australia has prevailed”.
“Despite everything thrown at us, Australia has stood tall,” Morrison said.
“Our economic growth is higher than any other advanced economy, our AAA credit rating (is) intact, we’re one of only nine countries to do that in the world. The biggest budget turnaround … in 70 years.
“More Australians in work than ever before. Unemployment at four per cent, the equal lowest level in 50 years and down from 5.7 per cent when we first came to government.
“Youth unemployment, youth unemployment at 8.3 per cent, down from a peak of more than 16 per cent.”
The Coalition rolled out some of their heaviest hitters in the lead-up to Morrison’s speech.
Deputy prime minister and Nationals leader Barnaby Joyce renewed his attack on Labor’s economic policy, saying the Coalition put the individual ahead of the state.
Joyce rattled off a long list of regional infrastructure projects he claimed were down to Coalition government funding.
“This is a government serving the individual spirit, understanding it’s the individual, not the state that provides the wealth and growth of this nation.
“And takes it forward to make you master of your ownership. To make you the boss of your own life.”
Joyce also described trade union protesters outside as “raving banshees yelling and screaming”.
Treasurer Josh Frydenberg maintained the Coalition attack on Labor leader Anthony Albanese’s economic credentials.
“Over the last 35 days, (Anthony Albanese) has shown himself to be completely out of his depth. Albanese says he’s eminently qualified because he was acting prime minister for all of 48 hours,” he said.
“I never thought I would ever say it: thank you Kevin Rudd for only making it 48 hours. In an election about jobs, Anthony Albanese does not know the unemployment rate. In an election about cost of living, he doesn’t know the cash rate.”
Finance Minister Simon Birmingham earlier told 9News political editor Chris Uhlmann on Weekend Today this morning the policy for older Australians would not leave younger people out by targeting the over-55s.
“The fact we have seen such huge growth in employment and have got unemployment down to four per cent, contrast that with previous recessions … where Australia’s faced youth employment which had an enormous tail that has stretched out for years, depriving young Australians of the opportunity for a job to get ahead, to be able to save for a house,” Birmingham said.
Morrison is trying to regain momentum in the campaign’s final week as polls show Labor is on track to win government.
He also admitted he has shown a “bulldozer” leadership style that has often proved unpopular and will need to change if the Coalition is re-elected, as Australia emerges from years of crisis mode.
Birmingham said Morrison’s leadership style had suited the critical issued Australians faced during the COVID-19 pandemic.
“The prime minister, like all of us, has to apply different skills and attributes to the job at different times … he’s had to push to make sure the country got through well and secure as we have,” he said.
Uhlmann said the Coalition is desperate to regain the initiative in the last days of the campaign but has been dogged by Morrison’s leadership style and questions about his character.
“Scott Morrison has to make another come-from-behind win and he’s carrying the baggage of himself this time,” he said.
“He’s wanting to tell people that he can change.”