He’s exactly the kind of person Anthony ­Albanese says he wants to help. A hard worker on an average ­income who wants to provide for his family.

Except, for Mr McPhee, the Albanese government’s last-­minute deal with the Greens to ban lending on residential property within self-managed super funds has crushed his investment plans overnight.
It’s left him feeling “flat” and fearful about how his kids would be able to get ahead.

“It’s absolutely ridiculous,” Mr McPhee said. “This isn’t the wealthy getting rich off this. We can’t even get into our first home as a couple even though we have a good wage. The cost of living is too high to get in.

“There was only way we can effectively retire comfortably and that was through our (self-managed) super. If we did it the traditional way, we wouldn’t have enough money to retire.”

The 11th-hour deal will reverberate across the property industry, according to developers, and has fuelled concern the changes pander to union-backed industry super funds upset about losing members, and fees, to the growing SMSF sector.

Full Article: The Australian