The State of Super Post COVID-19
The Australian Government’s rollout of the COVID-19 Early Release Scheme to allow early withdrawal of superannuation has prompted a series of questions about the stated purpose of superannuation, and how this can change going forward.
Some believe the unprecedented sanctioning of fund withdrawal could spark legislative reforms, including revised superannuation contributions rules or even potential tax reforms.
Against this backdrop, the industry is also attempting to calculate the long-term impact on individuals of withdrawing up to A$20,000 from their superannuation accounts.
This audio article speaks of what other countries have done in terms of superannuation during the pandemic and explores the opportunities for catching up on retirement savings, where super funds have been accessed early.