Pauline Hanson doubles down on contentious superannuation call amid growing national debate

Federal politicians are warring over potential changes to the compulsory superannuation system as Pauline Hanson doubles down on a policy call the government has criticised as “dangerous”.

The One Nation leader said taxpayers should be able to access their super early to ease their cost of living pressures on Monday, after making the suggestion in a News24 interview on Sunday.

“Your super is not Labor’s piggy bank. It is your money, earned through your work and put aside for your retirement,” she said in a social media post.

“One Nation believes Australians should have more control over their own super, including being able to access it when they genuinely need it.

“Jim Chalmers should keep his hands off your super.”

Labor is poised to announce major changes to the super system, with Assistant Treasurer and Minister for Financial Services Daniel Mulino to make an address at the National Press Club on Wednesday.

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His speech will focus on better preventing harm when consumer protections fail and upholding confidence in the super system.

Prime Minister Anthony Albanese caused panic in July when he said leveraging the $4.5 trillion super pool as a “national asset” could help achieve better returns for taxpayers and also the country.

Hanson’s call for a relaxation of the super rules comes days after shadow housing minister Andrew Bragg questioned the point of super and described it as a “strange but huge illiberal experiment” in a rogue and wide-reaching National Press Club address.

Opposition Leader Angus Taylor brushed off speculation of a policy shift, telling reporters on Monday that he has no plans to change the super system but would support flexibility to allow taxpayers to invest how they see fit.

Labor criticised both the Coalition and One Nation on Monday, saying the super system is under risk.

Treasurer Jim Chalmers warned the two parties would “absolutely decimate” the economic security and retirement funds of millions of Australians.

“The stakes are high at the next election for a whole range of reasons and one of them now is the future of Australia’s world-leading compulsory superannuation system,” he told reporters.

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“They share a dangerous and divisive anti-worker, anti-super ideology, and if this plays out after the next election, Australian workers will be much worse off.”

Mulino said the remarks from the Coalition and One Nation were not ones from people who would support the super system or build on it.

“The Liberals, Nationals and One Nation are coming after your superannuation and they will leave you worse off in retirement,” he said.

Super has been growing as one of the main sources of income for retirees since it was introduced by the Keating government in 1992.

In the decade to the 2024-25 financial year, the proportion of retired people with super as their main source of income has increased from 20 per cent to 28 per cent.

Australians can only access their super once they reach preservation or retirement age, but there are already conditions in place for those who wish to withdraw their funds early.

These include compassionate grounds, terminal illness, incapacity and severe financial hardship.

Taxpayers can also access their voluntary contributions through the First Home Super Saver scheme and permanent residents can withdraw their funds if they are leaving the country.

Chalmers said there is good reason the conditions for early access are limited, adding the preservation in the super system is the “absolute key”.

Association of Superannuation Funds of Australia chief executive Mary Delahunty said super has made the economy more sufficient, providing dignity for retirees and drastically reducing the cost of government-provided age pension.

“Anyone who understands the facts of the way in which the Australian economy works understands how dangerous that sort of policy would be,” she told nine.com.au.

“It is economically reckless to suggest that there should be a relaxation of access rules, and it is disheartening to see that sort of conversation entered into again when for two elections now, the Australian population have rejected that type of policy.”

Super Members Council chief executive Misha Schubert had a simple message to politicians from across the political spectrum: “Don’t stuff up our super.”