Early access superannuation scheme estimated to hit $42 billion in coronavirus support

More than half a million Australians are estimated to have "completely cleaned out" their superannuation savings during the COVID-19 crisis, as Treasury predicts workers will withdraw a total of $42 billion under the early-access scheme. Key points: More than 2.6 million Australians have accessed their superannuation early More than 2.6 million Australians have accessed their superannuation early The initial estimate was that $29.5 billion would be accessed, that's been revised to $42 billion The initial estimate was that $29.5 billion would be accessed, that's been revised to $42 billion Industry Super says super funds will not support another extension of the scheme Treasury had initially estimated $29.5 billion would be accessed but it's radically revised that forecast up to $42 billion to reflect the Federal Government's decision to extend the scheme until the end of the year, in light of Victoria's second coronavirus lockdown. Treasurer Josh Frydenberg said more than 2.6 million Australians had benefited from the early access to their super and hit back at opponents of the scheme. Mr Combet, a former Labor government minister and ACTU secretary, said initial estimates suggested 560,000 Australians had "completely cleaned out" their superannuation accounts, 460,000 of them under the age of 35.