Morrison extends disastrous super withdrawal scheme

Morrison extends disastrous super withdrawal scheme

The Morrison Government is again endangering the retirement prospects of ordinary Australians by extending the early access super scheme which has already ripped billions from the retirement savings of working people, especially women and young people.

The Government is also reintroducing the Liquid Asset Waiting Period for JobSeeker eligibility from 24 September. Meaning if a worker withdrew $10,000 in super to support themselves after being laid off, then they could be kicked off JobSeeker.

A single person with no dependents with $10,000 withdrawn from their super will have to wait 10 weeks before they are eligible for JobSeeker, meaning more people will be lurched into poverty.

More than 2.5 million workers have raided their super to survive. Nearly 500,000 workers have emptied their superannuation accounts to pay the bills.

Workers now have $30 billion less in their super due to this scheme, and as such are more than $30 billion poorer.

The Morrison Government has given no commitment that the scheme will not be extended again.

Quotes attributable to ACTU Assistant Secretary Scott Connolly:

“Extending this scheme will cost working people billions of dollars in retirement – the Morrison Government is manufacturing a generation of retirement poverty.

“This scheme will be causing financial hardship in retirement for decades to come, it will be the longest lasting legacy of this Government.  

“2.5 million workers have raided their super to pay the bills because the Morrison Government has not done enough to support them during this crisis. Almost 500,000 have emptied their accounts.

“A 25-30 year old who withdraws $20,000 over these two years will be $79,000 - $95,000 worse off by retirement.

“We call on the Morrison Government to make clear if this scheme will be extended again, or if they will choose instead to protect workers with public money.”