Brendan Coates
speaker
226 appearances
4 recordings
1 series
first heard Feb 2022
last heard Apr 2022
Brendan Coates’s voice in public audio — every appearance, attributed to the second.
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And the problem there is if you do separate, the family home is the household's largest asset, you've got to split it.
And what that means is that people fall out of homeownership and they often, particularly for women in most cases, don't get back in, which is why we see growing rates of poverty amongst older single women, growing rates of homelessness.
And I think that's another piece of the problem we need to think more about too.
Yeah.
And so when in a previous job, I worked for the World Bank and when I left, the World Bank actually paid me out my superannuation from the World Bank and I used it to buy a house.
And that was fantastic.
But the key was I was the only person who was doing that.
So I got the leg up in terms of my deposit, but not everyone else I was competing with was in the same boat because the concern always was something like super for housing, allowing people to access their compulsory super contributions, the 10% of their wage that's saved in the super each year.
is that it'll just increase purchasing power and people will go out and they'll you know they'll bid up the price of houses and vendors people selling those homes will be the main beneficiaries i think you hit the nail on the head though the cohort for whom i would be most open to allowing access to super is those that are say over the age of 40 or 45 if you haven't bought a house out of the money that you're earning in your own pocket and maybe any family support you've got
then perhaps in that world, you should be able to access your super because at that point, your superannuation is often not an insubstantial amount of money.
It can be $40,000, $50,000, $80,000 and it would be better for you to use that money to buy a house and then have some confidence you might be able to pay it off by the time you retire than to get to retirement not having bought a house and then find yourself in a situation where your superannuation doesn't cover your rent.
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I think that's right.
And I think the outcome of that is people will probably take on fewer risks.
So, if you're sitting there with a large mortgage, you know, as we now are, it naturally makes you more risk adverse than what you otherwise would be.
Because if the business does fail and you lose your home, then you're right, you will struggle to rebuild that equity and be able to have a home that you've broadly paid off by the time you retire, even if you use a little bit of your superannuation to do it.
And so I suspect a really understudied problem with worsening housing affordability in Australia and elsewhere is that fewer people will take those risks to start businesses to take on a new idea.
And that I think leaves us all poorer.
The other way it really plays out, and we've seen this in looking for houses recently, is almost every house that we went to buy was a separation because we're looking for a family home.
Showing 201–220 of 226 · page 11 of 12
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