Early release extension to continue to erode super
Low income earners and young people’s superannuation continues to be eroded by the early release hardship scheme, the Association of Superannuation Funds of Australia (ASFA) said in response to the Government’s announcement that the scheme would extend to 31 December.
ASFA said super continued to do the heavy lifting in difficult times and this reinforced the need to increase the super guarantee to 12% to “shield” Australia’s retirement savings from shocks caused by the COVID-19 pandemic.
ASFA chief executive, Martin Fahy, said: “These are anxious times and we face challenging economic headwinds. As the Treasurer outlined today, Australia remains in a relatively manageable position in terms of debt, compared with our OECD peers.
“If low income earners and young people’s superannuation continues to be eroded by the early release stimulus scheme, we risk losing sight of superannuation’s intended purpose, which is to provide adequate income for Australians in retirement.”
Recommended for you
ASIC has commenced civil penalty proceedings in the Federal Court against superannuation trustee Diversa Trustees, regarding the First Guardian Master Fund.
The winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November by Money Management's sister brand Super Review.
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
