$1 billion has been put into super from downsizer contributions.
The downsizer contribution – which was part of the 2017/18 Budget – allows some older people to make a superannuation contribution of up to $300,000 from the proceeds of selling their home. The contribution is excluded from several limits on making contributions, including contribution caps and where the Total Super Balance is over $1.6 million.
Michael Sukkar, Minister for Housing and Assistant Treasurer, said the downsizer contribution was allowing older Australians to build up retirement savings while freeing up housing for younger families.
“I am pleased to announce that today contributions have reached $1 billion,” Sukkar said.
Since commencing on 1 July 2018, 4,246 individuals have made a downsizer contribution. 55% of these individuals have been female, and 45% male.