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Only lifting the super rate can help Queenslanders who have emptied their retirement savings image
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Only lifting the super rate can help Queenslanders who have emptied their retirement savings

Published: 28 Jul 2020

More than 145,000 Queenslanders have wiped out their retirement savings through the government’s early release to super scheme, reinforcing the need to stick to the legislated super rate increases.
Industry Super Australia analysis shows that around $7.4 billion from super has been paid to Queenslanders, and 27 per cent of Queenslanders accessed the scheme – the higher proportion in the nation.
If the government backflips on its legislated promise to lift the super rate to 12 per cent, billions more will be drained from Queenslanders’ retirement – a bill they can not afford.
Almost 1 million applications have been made by Queenslanders to access their super, workers in the electorates of Brisbane, Griffith and Moncrieff withdrew the most.
ISA estimates Brisbane’s average payment was $7,659 with 8,693 individuals emptied their balance, while Griffith’s average payment was $7,754 with 7,469 accounts wiped out and in Moncrieff, an average of $7,829 was withdrawn and 6,408 people hollowed out their accounts.

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