Live: One Nation reveals plan to divert superannuation to boost pay

Australians experiencing rent or mortgage payments would have the option to divert a portion of their superannuation to increase their income for up to three years under a proposed One Nation plan. Treasury spokesman Barnaby Joyce defended the minor party's initiative, stating that the current system for accessing superannuation during hardship is overly complicated.

The proposal aims to alleviate cost-of-living pressures, providing a temporary boost for individuals to cover essential expenses such as rent, mortgage payments, groceries, and power bills. Under the policy, employers would continue to contribute the full 12% compulsory superannuation, but 3% would be directly paid to the individual by the super fund if they opt in.

This payment would still be subject to a concessional tax rate of 15% instead of the higher personal income tax rate. One Nation leader Pauline Hanson emphasized that the plan is designed to offer Australians a much-needed reprieve. The proposed changes only apply to future contributions, ensuring that existing superannuation balances remain untouched.

At least 9% of the enhanced income would continue to be allocated towards retirement savings, with the option limited to a three-year period.