Coronavirus support measures see hundreds of thousands of Australians access superannuation early
4 years, 8 months ago

Coronavirus support measures see hundreds of thousands of Australians access superannuation early

ABC  

Hundreds of thousands of Australians have been granted early access to their superannuation savings, totalling $3.8 billion in early payments, Treasurer Josh Frydenberg has said. Key points: The total value of early super accessed by Australians has reached $3.8 billion The tax office has approved close to half a million claims Two weeks ago, more than 600,000 Australians had applied to access their super The Government introduced a policy to allow people facing financial hardship due to the coronavirus crisis to access up to $10,000 of their current super balance this financial year, and another $10,000 in the following financial year. Labor encourages applicants to seek financial advice The policy has drawn concern from the Labor Party and super funds, which argue granting Australians access to superannuation early will rob them of the compound interest built into the system. Labor's Shadow Assistant Treasurer Stephen Jones said while some people would benefit from access to their super, many more would end up worse off in the long run.

Access Early Super Australians Support Payment  coronavirus  superannuation  financial  measures  eligible  38  applications  early  support  payment  access  super  thousands  hundreds  australians

History of this topic

Labor wants to revamp superannuation, but does it have workers' interests in mind?
1 year, 10 months ago

Labor wants to revamp superannuation, but does it have workers' interests in mind?

ABC  

In every debate about superannuation, there's a reality that is often forgotten. You could lose hundreds of thousands of dollars if you stay in a dud fund Photo shows Retirement nest egg The "name and shame" list of super funds is designed to make Australians more aware. "Right now, we're on track to spend more on super tax concessions than …

The superannuation warning that every Australia needs to read
2 years ago

The superannuation warning that every Australia needs to read

Daily Mail  

Australian superannuation balances are set to suffer their worst year since the Global Financial Crisis as higher interest rates dent share market returns. Australian superannuation balances are set to suffer their worst year since the Global Financial Crisis as higher interest rates dent share market returns Research group SuperRatings estimates balanced options in 2022 will suffer a 2.7 per cent …

The rising cost of living and global economic uncertainty mean older Australians such as Brett are delaying retirement
2 years, 5 months ago

The rising cost of living and global economic uncertainty mean older Australians such as Brett are delaying retirement

ABC  

When Brett Clements got his first job at 15, he dreamed that, if he worked hard, he would be able to enjoy the fruits of his labour and retire at 40, but it wasn't to be. Key points: The Superannuation Association of Australia estimates a single person needs $545,000 to retire comfortably One million people who withdrew some of their …

Super release slows but almost 3 million Australians have sucked billions from retirement savings
4 years ago

Super release slows but almost 3 million Australians have sucked billions from retirement savings

ABC  

The controversial coronavirus measure allowing Australians affected by the pandemic to tap into their retirement savings will close from New Year's Day. Key points: Almost 3 million Australians have withdrawn their superannuation early under the Government's coronavirus response $36 billion has been claimed, slightly below Treasury estimates in July The scheme closes on December 31 But not before nearly 3 …

Contributions to your super are set to get a boost next year — but coronavirus could send the plan off the rails
4 years, 4 months ago

Contributions to your super are set to get a boost next year — but coronavirus could send the plan off the rails

ABC  

For nearly 30 years, Australian governments have been working to get the percentage of your wage that employers must contribute to your retirement savings to 12 per cent. Here's what that looks like: Period General super guarantee July 1, 2002 - June 30, 2013 9 July 1, 2013 - June 30, 2014 9.25 July 1, 2014 - June 30, 2021 …

Paul Keating says superannuation withdrawals dwarf coronavirus support schemes like JobKeeper
4 years, 5 months ago

Paul Keating says superannuation withdrawals dwarf coronavirus support schemes like JobKeeper

ABC  

Former prime minister Paul Keating says the early withdrawal of superannuation dwarfs the support the Federal Government has injected through its JobKeeper program — and has entrenched inequality between Australian generations. Key points: Australians are expected to have pulled $42 billion from their super accounts by the end of the year Australians are expected to have pulled $42 billion from …

Early access superannuation scheme estimated to hit $42 billion in coronavirus support
4 years, 5 months ago

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

ABC  

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 …

Superannuation early withdrawals near $30b as new financial year sees double-dipping
4 years, 5 months ago

Superannuation early withdrawals near $30b as new financial year sees double-dipping

ABC  

Desperate times have seen many Australians raid their superannuation accounts to the tune of the maximum $20,000 early withdrawal since the coronavirus pandemic struck. Key points: The latest APRA figures show there have been around 2.7 million early withdrawals from superannuation Labor warns there is a "run" on super accounts, with around half a million people draining their balances completely …

Another coronavirus Economic Support Payment is on the way — will you have an extra $750 in your account soon?
4 years, 6 months ago

Another coronavirus Economic Support Payment is on the way — will you have an extra $750 in your account soon?

ABC  

Five million Australians will soon notice some extra cash in their bank account as part of the Federal Government's response to the economic crisis caused by COVID-19. The $750 Economic Support Payment aims to help Australians on lower incomes who are struggling financially due to COVID-19. Those on Youth Allowance and JobSeeker were given the first $750 payment earlier this …

Coronavirus superannuation early withdrawal scheme hits $25 billion as new financial year starts
4 years, 6 months ago

Coronavirus superannuation early withdrawal scheme hits $25 billion as new financial year starts

ABC  

The latest figures show up to 2.4 million people have applied for early withdrawal of part of their superannuation, with around $25 billion worth of applications approved by the Tax Office. Key points: ATO figures show 2.4 million "unique applications" for early superannuation withdrawal As of June 28, funds had already paid out more than $18 billion to their members …

Superannuation bosses warn that hackers will again target Government's coronavirus early release scheme
4 years, 7 months ago

Superannuation bosses warn that hackers will again target Government's coronavirus early release scheme

ABC  

The superannuation industry is warning that fraudsters will again target the early release superannuation scheme unless the Federal Government urgently boosts protections. Key points: The scheme was suspended last month after hackers infiltrated the system Industry bosses have written to Treasurer Josh Frydenberg to demand new checks and balances The second tranche of the scheme will begin on July 1 …

How to avoid pain accessing super during coronavirus pandemic
4 years, 7 months ago

How to avoid pain accessing super during coronavirus pandemic

ABC  

Australians didn't need to be asked twice when the Federal Government allowed them to access their super as part of emergency financial measures designed to ease the coronavirus pandemic pain. Here's how it works: If you've already withdrawn $10,000 from your super, put $1,000 back in to your account before the end of June If you've already withdrawn $10,000 from …

Superannuation withdrawals spent on gambling, alcohol, takeaway food: report
4 years, 7 months ago

Superannuation withdrawals spent on gambling, alcohol, takeaway food: report

ABC  

Emergency access to superannuation during the COVID-19 shock has triggered a spending spree for some Australians, who are splashing cash on gambling, alcohol and takeaway food rather than essential household items. Key points: The average person who withdrew super spent $3,000 more in a fortnight than they normally would Around 14pc of that spending went to debt repayments, while an …

Coronavirus has forced Samuel to dip into his superannuation and he is concerned about the long-term impact
4 years, 8 months ago

Coronavirus has forced Samuel to dip into his superannuation and he is concerned about the long-term impact

ABC  

Samuel Clarke knows withdrawing his retirement savings early is not ideal. Key points: Australians are allowed to access up to $10,000 of their superannuation this financial year under the Government's coronavirus assistance scheme Australians are allowed to access up to $10,000 of their superannuation this financial year under the Government's coronavirus assistance scheme Business owner Samuel Clarke has withdrawn funds …

Women to be 'severely impacted' by withdrawing superannuation amid the coronavirus pandemic
4 years, 9 months ago

Women to be 'severely impacted' by withdrawing superannuation amid the coronavirus pandemic

ABC  

Australians who withdraw from their superannuation due to the coronavirus pandemic could lose as much as $120,000 in retirement — and women, who retire with almost half as much super as men, may feel dire repercussions in decades to come. Key points: Australian women retire with an average of 40 per cent less superannuation than men A withdrawal of $20,000 …

Calls for migrant workers to be included in JobKeeper subsidy amid coronavirus crisis
4 years, 9 months ago

Calls for migrant workers to be included in JobKeeper subsidy amid coronavirus crisis

ABC  

Indian-born Sai Sakamuri is struggling to survive on the 10 hours a week of work she's getting at her job at a fuel station in Port Melbourne. Key points: There are 1.2 million workers in Australia on temporary visas There is no specific government support for them, other than drawing up to $10,000 from their superannuation Leading academics and business …

More than 360,000 Australians apply for early release of superannuation under coronavirus assistance scheme
4 years, 9 months ago

More than 360,000 Australians apply for early release of superannuation under coronavirus assistance scheme

ABC  

More than 360,000 Australians have applied to get an early release of their superannuation under the Federal Government's plan designed to help jobless Australians and those facing financial hardship because of the coronavirus crisis. Treasurer Josh Frydenberg has said the provision, announced as part of the Government's second-round stimulus package, would amount to less than 1 per cent of the …

Half a million reasons to think long and hard before withdrawing your superannuation during the coronavirus downturn
4 years, 9 months ago

Half a million reasons to think long and hard before withdrawing your superannuation during the coronavirus downturn

ABC  

There's an old saying that you shouldn't make short-term decisions with long-term consequences. Sharp rise in unemployment could trigger house price crash The spread of coronavirus across Australia could see unemployment reach about 10 per cent and house prices drop 20 per cent, says one economist. Let's say you are 30 years old, for example, with 35 years left to …

Backpackers allowed to extend stays in Australia during coronavirus pandemic, temporary visa holders to get access to super
4 years, 9 months ago

Backpackers allowed to extend stays in Australia during coronavirus pandemic, temporary visa holders to get access to super

ABC  

Backpackers will be allowed to extend their stays in Australia and temporary visa holders will get early access to their superannuation under changes being unveiled by the Federal Government today. Key points: The move is to ensure farmers have enough labour to plant and pick their crops The seasonal workers will be exempt from a rule that normally prevents them …

Australians should not have to dip into their super to cope with coronavirus
4 years, 9 months ago

Australians should not have to dip into their super to cope with coronavirus

ABC  

We live in extraordinary times and that calls for extraordinary measures. The move to grant early access to superannuation balances of up to $10,000 this financial year, and the same again next, for those in financial stress sits uneasily with me, although I recognise that my views — like the landscape before us — could alter radically in coming months …

Five questions about superannuation the Federal Government's new inquiry must ask
5 years, 3 months ago

Five questions about superannuation the Federal Government's new inquiry must ask

ABC  

The government's new retirement incomes review will need to work quickly. In 2014, more than 20 years after compulsory super began, the Murray Financial System Review asked the government to set a clear objective for it, and two years later the government came up with one, enshrined in a bill entitled the Superannuation Bill 2016. The bill lapsed, but the …

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