AUSTRALIA - The Labor Government has built upon the Australian superannuation savings system, to allow first-time buyers to save for a home deposit.
The accounts, a key election promise, will build on the arrangements for superannuation - allowing potential first home buyers to access similar tax breaks on their first home savings and unlock higher returns.
Swan said the accounts were a modest long term measure to assist more young Australians achieve home ownership.
He said: "Today we've put in place the administrative arrangements to have the accounts up and running from the second half of the year.
"Young Australians saving for their first home will attract a government contribution equivalent to a 15% discount on their marginal tax rate.
"For example, from 1 July 2008, a couple each earning average incomes and saving for their first home, putting aside 10% of their incomes will be able to save a deposit of more than $85,000 (US$77,202), after five years of disciplined savings.
"That is up to $14,000 more than they would have saved otherwise depending on returns."
Plibersek said the account was designed to help first home savers get into the property market. She said: "The low income measures…, which are a change to what we proposed in the election campaign, are particularly useful and will make a big impact on people who are just starting out in the workforce and hoping to save a little bit of money, not to buy a home in the next few years, but perhaps in 10 years time or even longer."
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