Skip to Main Content
 
anna demianenko 12400 unsplash
Media Releases

Australians want the early release of super scheme to end

  Published: 05 Oct 2020

Australians will be forced to pay tens of billions more in taxes and have lower investment returns if the government extends the early release of super scheme in the 2020 federal Budget. 

Industry Super Australia would not support a third round of the existing early release of super scheme due to its poor targeting and the huge long-term costs of the scheme on the individual and the taxpayer.

Those who access the scheme are tens of thousands worse off in retirement and will likely become more reliant on the aged pension. ISA research shows the scheme has added tens of billions more to the aged pension, heaping pressure on future governments to hike taxes or cut the pension.   

And a UMR poll revealed 70% of Australians want the early release scheme to come to an end as the economy begins its recovery.  

While the scheme helped get funds to people who needed them during the crisis, the limited checking of applications signals many in Canberra also viewed the scheme as a useful economic stimulus.    

*The above material, whilst correct at the time of publication may include references or statements which are no longer current.

Got a topic you'd like to read about?

Thank you for your topic suggestion.

The message has been sent succesfully, check back soon to find if we wrote about the topic you suggested.

An error has occurred

Due to a technical fault we are unable to to submit your form at the moment. Please try again later.

Additional details:

To learn more about one of the Industry SuperFunds below click on their logo.

I'M READY TO CHOOSE A FUND