Administration & Management
The $34bn shortfall
BY  |  

The government's early release of superannuation scheme, introduced earlier this year and recently extended until 31 December 2020, has assisted millions of Australians to weather the economic effects of the COVID-19 crisis.

Since the scheme's inception in April, more than $33 billion has been paid out to members, with industry funds AustralianSuper, Sunsuper, Rest, Hostplus and Cbus coughing up the lion's share of payouts to members.

"The early release of superannuation initiative has been very well received by Australians impacted by COVID-19," Senator Jane Hume told Financial Standard.

"Almost 2.9 million members took up the option of withdrawing some of their savings, and letters and calls to my office tell me it has been a lifeline for many."

Link to something bnfd6FLv