Labor MPs have received complaints from many tenants who have received letters from their real estate agents, advising them to access their superannuation if they are struggling to pay rent.
 
Labor is now calling on all real estate agents to refrain from giving such advice, and to withdraw any such advice that has already been given.
 
Earlier this week, Mr Stephen Jones MP, the Shadow Minister for Financial Services wrote to James Shipton, the Chair of the Australian Securities and Investment Commission, asking that a general warning be issued to real estate agents about such advice.

ASIC has now responded by issuing a letter to real estate institutes across Australia, noting their concerns that such behaviour may breach section 911A or 961B of the Corporations Act 2001.
 
This follows on from the Government’s decision to dramatically broaden the criteria for early access to superannuation.
 
Consumer representatives and Labor MPs have warned that for most Australians, early withdrawal of super will have a devastating impact on retirement savings. Industry estimates advise that the lifetime cost for a 27 year old who withdraws $20,000 will lose close to $100,000 in retirement savings.
 
Mr Jones has also warned that the early access scheme could fall prey to fraud. Some advisers have already been banned for promoting dodgy early access schemes.
 
The super squeeze by real estate agents is the last thing Australians need at the moment. After weeks of campaigning by rental advocates, community organisations and Labor, the National Cabinet has decided to impose a 6 month freeze on rental evictions to protect tenants.
 
Labor urges the National Cabinet to release its package for residential rent. This will provide clarity for tenants and landlords alike.