More than one million young Australians have rushed to take advantage of this COVID “handout” – but it’s going to come back to bite them.
According to the latest figures, Australians have withdrawn a stunning $33 billion in superannuation under the early release scheme since April.
Data released by the Australian Prudential Regulation Authority on Monday has revealed more than 3 million workers have claimed for the early release of super. Labor’s superannuation spokesman Stephen Jones told news.com.au that the Morrison Government was allowing a generation of young workers to wipe out their super.
“It should taper off but not at a time when unemployment is going up. They cannot rely on superannuation to do the heavy lifting again because some of these workers have wiped out their super.” The scheme, launched on April 20, allowed Australians to withdraw up to $10,000 from their superannuation in the last financial year and withdraw a further $10,000 in the current financial year.Under-35s are the age group most likely to have rushed to withdraw money from their super. Picture: SuppliedThe average amount applied for by applicants was $7,402. But for struggling workers double dipping into super the average amount claimed was higher at $8,426.
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