29 May 2021

Supporting retirees with extension of the temporary reduction in superannuation minimum drawdown rates

Note

Joint media release with

The Hon. Scott Morrison MP
Prime Minister

Senator The Hon. Jane Hume 
Minister for Superannuation, Financial Services and the Digital Economy
Minister for Women's Economic Security

Today the Morrison Government announces an extension of the temporary reduction in superannuation minimum drawdown rates for a further year to 30 June 2022.

As part of the response to the coronavirus pandemic, the Government responded immediately and reduced the superannuation minimum drawdown rates by 50 per cent for the 2019‑20 and 2020‑21 income years, ending on 30 June 2021.

Today’s announcement extends that reduction to the 2021‑22 income year and continues to make life easier for our retirees by giving them more flexibility and choice in their retirement.

For many retirees, the significant losses in financial markets as a result of the COVID‑19 crisis are still having a negative effect on the account balance of their superannuation pension.

This extension builds on the additional flexibility announced in the 2021‑22 Budget.

The Morrison Government will continue to support retirees as part of our plan to secure Australia’s economic recovery from COVID‑19.