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Study shows early release of super causes economic Long Covid

  Published: 16 Mar 2023

A new academic study has confirmed that the Covid-era early release of super scheme – which allowed largely unfettered access to retirement savings - was a mistake that should never be repeated.

It is estimated up to 1 million Australians wiped out their entire super savings. Industry Super Australia estimates a 30-year-old who took out $20,000 would be $80,000 worse off at retirement. ISA modelling also shows there are long-term impacts for the taxpayer – as for every $1 taken out during the scheme adds up to $2.50 to the aged pension – a bill every Australian could pay through taxes.

This scheme reinforces the need to legislate an Objective of Super that puts the concept of preservation at its core.

*The above material, whilst correct at the time of publication may include references or statements which are no longer current.

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