New analysis of One Nation’s superannuation proposal shows the policy could see up to $50 billion diverted from retirement savings, according to Labor.
The analysis, provided to News24.com.au, draws on ATO and APRA data showing 14 million people with $130 billion in employer super contributions in the year to June 2026.
Labor estimates that if the seven million workers eligible for One Nation’s super policy tap into the scheme, $16 billion in super contributions could be withdrawn in a single year.
The figure could blow out to almost $50 billion over three years, according to the analysis.
Treasurer Jim Chalmers has framed the analysis as evidence the proposal could materially reduce retirement savings.
“One Nation’s super heist would rip off Australian workers to tune of $50 billion,” Mr Chalmers said.
“It’s now beyond doubt that the Liberals, Nationals and One Nation are all hatching a plan to cut your super.
“This will end super as we know it and make Australians poorer. It means less money and less economic security for millions of Australians in retirement.
“One Nation, the Liberals and Nationals hate super because they hate workers. Labor is cutting income taxes for workers, boosting wages and strengthening super.”
In response to the Treasurer, Ms Hanson said Mr Chalmer’s “incompetent economic management” was responsible for the cost of living crisis”.
“Now he wants to deny you a choice that could help you get through it. What does losing your home do to your retirement, Jim?” she said.
“Our Super Pay Boost would let eligible renters and mortgage holders take a quarter of their future compulsory super contributions as take-home pay for up to three years, with no additional tax.
“That’s about $44 more a week for a worker earning $90,500, or $82 for a working family earning $168,000 between them. When you’re counting every dollar to keep a roof over your head, that’s real help.
“Now he’s acting like a sock puppet for big superannuation funds on Lonsdale Street.”
News24.com.au recently revealed One Nation’s shock plan to change the compulsory superannuation system.
The proposal would allow people paying rent or a mortgage to divert one quarter of their future super contributions into their take-home pay for up to three years.
Under the proposal, employers would make the full 12 per cent super contribution, but three per cent could be received as wages, with 9 per cent going to super.
Pauline Hanson said the measure would allow workers to access more of their own money while facing cost-of-living pressures.
“One Nation will allow you to choose to receive one quarter of your future compulsory super contributions in your take-home pay,” Ms Hanson said at the time.
“Super is currently 12 per cent of your wages. Your employer will still pay the full 12 per cent.
“But if you take the boost, one quarter of this contribution will be paid directly to you by your super fund. And you won’t be slugged with your normal income-tax rate.”
One Nation estimated a full-time worker earning about $90,500 could receive around $2,300 a year, or $44 a week, in additional take-home income.
After the announcement, Labor attacked One Nation, accusing Ms Hanson of “coming after” people’s superannuation.
Mr Chalmers claimed One Nation has sought to dismantle the entire superannuation system.
“Pauline Hanson and One Nation confirmed they will go after your super,” Mr Chalmers said in an email to supporters.
“That’s what we’re up against at the next election. One Nation, the Liberals and the Nationals, all lining up against your super.”
Ms Hanson later accused Mr Chalmers of being “full of s***” in a social media post about his criticism.
“One Nation doesn’t support scrapping super, we just think people should be able to use their super when in financial distress instead of losing their home,” she said.
“Labor would rather you end up homeless. We don’t expect you to chip in anything to our campaign to do the right thing by Aussie families.”