The Morrison Government today welcomes the release of the Household Financial Resources report by the Australian Bureau of Statistics (ABS). The reports shows Australians who accessed their superannuation early due to financial hardship caused by COVID-19, more than half (55%) used it to pay their mortgage, rent or other household bills. Many Australians also used it to pay down debts (15%) or to add to their savings (13%).
These results are in line with the Retirement Income Review finding that offering prudent and limited access to superannuation prior to retirement is consistent with the objective of balancing living standards pre and post-retirement.
The Morrison Government’s decision to enable temporary early release of superannuation during the height of the Coronavirus pandemic proved to be a lifeline for millions of Australian families in a period of financial uncertainty.
Minister for Superannuation, Financial Services and the Digital Economy Senator the Hon Jane Hume said the new report again highlights the early release of super scheme was an overwhelming success.
“The Morrison Government acted decisively in the national interest to support households and businesses and address the significant economic consequences of the COVID-19 – the success of this program proves that it was an effective measure.”
“The scheme was a flexible option and more than 3 million Australians weighed up the decision, and decided that withdrawing their super was the best financial decision for them.”
The best way for the Government to help workers rebuild their retirement savings is to do everything we can to help them get back into a job soon. And that’s exactly what we’re focused on.