First home buyers may be allowed to spend their superannuation to help them buy a property , Treasurer Joe Hokey has proposed . Mr Hockey says it is due to the aging population in Australia that the role superannuation needs to be reconsidered , the Sydney Morning Herald reports . However the notion has been met with discontent among the Grattan Institute , Labor and the superannuation association , who warn that house prices will rise if the idea was put into place . This comes as the recent release of the Abbott government 's Intergenerational Report revealed a snapshot of the next 40 years , showing Australians can expect to live into their mid-90s in 2055 . First home buyers may be allowed to spend their superannuation to help them buy a property , Treasurer Joe Hokey has proposed . Mr Hockey said on Friday that the government may have to make fundamental changes to the superannuation system , considering Australia 's ageing population . ' I get a lot of people approaching me saying that young people should be able to use their superannuation to fund a deposit on a home , on their first home , ' Mr Hockey told the Sydney Morning Herald . ' I am concerned about rising house prices and the accessibility to homes and homeownership for younger Australians , but we 've got a limited pool of savings . We need to have these conversations . ' However John Daley from the Grattan Institute told the Sydney Morning Herald he was against the prospect , saying that Mr Hockey 's proposal would only increase housing costs . 'It wo n't improve the problem around supply . If supply remains constant and you effectively increase the amount that people can pay then prices will go up . This is economics 101 , ' Mr Daley said . ' I get a lot of people approaching me saying that young people should be able to use their superannuation to fund a deposit on a home , on their first home , ' Mr Hockey said . Shadow Treasurer Chris Bowen was also opposed to the notion as he told the Sydney Morning Herald that it goes against the principle behind superannuation . These views were echoed by the Association of Superannuation Funds of Australia as they expressed that such a proposal would only help those on higher salaries rather than Australians who earn less . On Thursday , the Abbott government 's first intergenerational report was released and found that by 2054/55 there will be about 40,000 people aged over 100 years in Australia . These figures were compared to about 122 Australians aged over 100 in 1974/75 and around 4,000 now . The report also highlighted that the number of people aged over 65 is expected to double and the population will be 39.7 million .
Chris Bowen says the role of superannuation needs to be reconsidered due to the aging population . He has proposed that first home buyers use these savings to buy a property . But those who are opposed to the idea say this will only increase housing costs . The proposal comes after the release of the Abbott government 's Intergenerational Report . It gave a snapshot of the next 40 years , showing Australians can expect to live into their mid-90s in 2055 .