Older Australians downsizing from their family homes have contributed $1 billion to their superannuation funds, building up retirement incomes and freeing up housing for younger families, Minister for Housing and Assistant Treasurer, Michael Sukkar announced today.
“I am pleased to announce that today contributions have reached $1 billion.” Mr Sukkar said.
Key recent data shows:
- 4,246 individuals have utilised the Downsizer measure;
- 55% of contributions have been made by females and 45% from males;
- Individuals from every state and territory have made Downsizer contribution with the top three states being, NSW (31%), VIC (26%) and QLD (24%).
The Downsizer Measure was one of several announced in the 2017/18 Budget as part of the Coalition Government's package of reforms to reduce pressure on housing affordability in Australia.
The Measure which commenced on 1 July 2018, allows older Australians choosing to sell their home and downsize or move from homes that no longer meet their needs, to contribute the proceeds from the sale of their home into superannuation up to $300,000.
More information on the Downsizer Measure can be found at the Australian Taxation Office website.