As of 12 July, superannuation funds had paid out A$25.3bn to their members under the early release scheme.
Austalia’s government has announced that it will extend the application period for early access to superannuation from 24 September to 31 December 2020.
The early release scheme for superannuation was announced as part of the government’s Covid-19 economic response in March, allowing individuals facing financial hardship tax-free access of up to AUD 10,000 of their superannuation in 2019-2020 and a further AUD 10,000 in 2020-2021.
As of 12 July, superannuation funds have paid out AUD 25.3 billion to their members under the early release scheme.
Recent analysis from ISA (Industry Super Australia) indicates that 500,000 Australian nationals wiped out their superannuation savings even before the second tranche opened, most of these people in the under-35 age group.
ISA says the government must proceed with planned legislation to increase the superannuation rate to help members rebuild their retirement balances.