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ABN Group managing director Dale Alcock.

Alcock lauds super home buying scheme

Western Australia's second-largest home builder, ABN Group, has applauded independent Senator Nick Xenophon's call to allow first home buyers to purchase a home using money from their superannuation savings.

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This is almost similar to what Singaporeans have been doing for years. It is a double-edged sword. A discussion with Singaporeans who now call Australia home will reveal some worthwhile insights on the ins-outs of such a scheme, to prevent issues surfacing 20-30 years down the track in an average wage-earners productive life.

Roxburgh Securities - Guildford
It is a breath of fresh air that a leading WA Businessman can see the sense in lining up Australian superannuation policy with other Commonwealth nations. Like Canada, New Zealand also permits members of KiwiSuper to access up to $10,000 for a home deposit. With compulsory super contributions eventually moving towards 12 percent, it would take next to no time to make up the original capital invested in your home. Some lateral thinking would also remove the preservation age of Super altogether, by upgrading all super funds into convertible pension funds, that pay a 4 percent maximum pension [from any age], which could also be used for a home deposit. When that happens, just watch how engaged fund members will become. If super fund members [today] can have $9000 put towards stomach band surgery, then its time the Fed Govt had a whole new look at how superannuation works, with its newly announced inquiry into retirement income products.

Perth
Australians have a tendency to look to their home as an investment so being able to unlock super to help first home buyers into home ownership makes quite a lot of sense. The only issue is that it potentially doesn't provide for the diversified risk of a balanced super portfolio if first home buyers only have super equivalent to the home deposit.

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WA revenue

4th↑Competitive Foods Australia$1.38bn
5th↑Wilson Parking$1.14bn
6th↓ABN Group$1.02bn
7th↑Quadrant Energy$995.7m
8th↓Byrnecut$979.0m
105 private companies - large ranked by revenue most recent financial year

Housing starts

1st-BGC Australia2,436
2nd-ABN Group2,184
3rd-Ventura Home Group1,197
4th↓JWH Group1,012
5th-Summit Homes Group746
48 residential builders ranked by no. of starts (2016/2017)

Number of Employees

Private Companies - Large

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