One Nation proposes superannuation changes to ease cost-of-living pressures

One Nation has proposed a policy to allow Australian renters and mortgage holders to divert a portion of their future compulsory superannuation contributions into their take-home pay for up to three years. Under the plan, workers could opt to receive approximately 25 per cent of the 12 per cent employer contribution—roughly 3 percentage points—directly as cash, taxed at the concessional rate of 15 per cent. One Nation estimates this could provide a full-time worker earning $90,500 an additional $2,300 annually.

The proposal has drawn sharp criticism from political opponents and labor unions. Treasurer Jim Chalmers described the plan as a “full-frontal attack” on retirement savings, warning it could leave workers tens of thousands of dollars worse off due to lost compound interest. The Mining and Energy Union also opposed the measure, stating it would “rob workers of dignity in retirement.”

One Nation leaders Pauline Hanson and Barnaby Joyce defended the move as a practical way to provide “breathing room” for families struggling with rising rents, interest rates, and grocery costs. They argue that the policy allows individuals to use their own future money to maintain housing stability during a cost-of-living crisis.