Under the scheme, which was first announced in the Federal Budget in May this year, individuals will be able to contribute up to a total of $30,000 or up to $15,000 annually to superannuation, and later withdraw these contributions from 1 July 2018, said Treasurer Scott Morrison.

“These contributions, along with deemed earnings, can be withdrawn for a deposit with withdrawals taxed at a marginal tax rate less a 30 per cent offset,” said Mr Morrison.

“For most people, the FHSSS will enable them to boost the savings they can put towards a deposit by 30 per cent compared with saving through a standard deposit account.”

The government also introduced a bill to enable older Australians to contribute proceeds from the sale of their family home into their superannuation accounts.

“From 1 July 2018, people aged over 65 will be able to make an additional non-concessional contribution of up to $300,000 into superannuation when they sell their home which they’ve held for at least 10 years,” said Mr Morrison.

“Both members of a couple can take advantage of this measure, meaning up to $600,000 of contributions may be made by a couple from the proceeds of selling their home.”

Mr Morrison stated that older Australians may be “attracted to take up this concession and in doing so vacate larger properties which no longer suit their needs”.

In addition to the two measures relating to superannuation, the government also introduced bills into Parliament to remove the ability of individual investors to claim travel costs for inspecting and maintaining their residential investment properties as a tax deduction.

The government is also seeking to limit plant and equipment depreciation deductions for investment properties and implement an annual vacancy charge on foreign owners of residential real estate where property is not occupied or genuinely available on the rental market for at least six months in a 12-month period.