Retirement
Hume praises ‘overwhelming success’ of early access to super scheme
The Minister for Superannuation has praised the success of the early access to superannuation scheme after it was revealed the majority of Australians used the money to pay their bills.
Hume praises ‘overwhelming success’ of early access to super scheme
The Minister for Superannuation has praised the success of the early access to superannuation scheme after it was revealed the majority of Australians used the money to pay their bills.

A survey released by the Australian Bureau of Statistics showed that the majority of money withdrawn from super was used to pay bills.
The Morrison government allowed people who were suffering hardship to access $10,000 during both 2020 and 2021, under a scheme facilitating early access to super savings.
The ABS survey found that 29 per cent of people who jumped on the scheme by September 2020 used the funds to pay their mortgages or rent, while 27 per cent used it for household bills.
Another 15 per cent directed the extra funds towards servicing their credit cards or personal debts, while only 13 per cent added it to their savings.

“We found that for people who accessed the scheme twice, the average total amount withdrawn was $17,441,” ABS director of household economic resource surveys Dean Adams said.
“The average single withdrawal was $7,728 for the first opportunity, and $7,536 for the second.”
With the ABS data showing that a significant portion (55 per cent) of early super payments were used to pay mortgage, rent or other household bills, Superannuation Minister Jane Hume called it “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,” Ms Hume said.
“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.”
Ms Hume praised the Australians who used their super to pay down debt, citing the Retirement Income Review’s 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”.
Early super payments quickly surpassed Treasury’s initial estimates of $27 billion, with around $36 billion withdrawn.
The program faced significant criticism from superannuation funds and economists, but Ms Hume said that early super was a “flexible option” that many Australians decided “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,” Ms Hume said.

Superannuation
Rest super fund reports 11.19 per cent return for 2024
Rest superannuation fund delivered an 11.19 per cent return in its MySuper Growth investment option for calendar year 2024, marking two consecutive years of positive returns. Read more

Superannuation
Actuaries propose three-tier superannuation tax reform
The Actuaries Institute has outlined major reforms to Australia's $4.1 trillion superannuation system, proposing uniform tax rates and new levies on high retirement withdrawals. Read more

Superannuation
Survey reveals Australians' reliance on superannuation for retirement
A new survey by AustralianSuper has found that only 32% of Australians believe they could save for retirement without compulsory superannuation. Read more

Superannuation
AMP launches national campaign to boost super engagement
AMP has unveiled a new national advertising campaign aimed at encouraging Australians to engage more actively with their superannuation. Read more

Superannuation
AustralianSuper urges action on gender pay gap for Equal Pay Day
AustralianSuper, Australia's largest superannuation fund, is calling for increased focus on the gender pay gap and its long-term impacts on women's retirement savings this Equal Pay Day, August 19. Read more

Superannuation
AMP advisers focus on super contributions and home ownership queries
Financial advisers are prioritizing assistance with superannuation contributions, transfer balance caps, death benefits, and home ownership issues, according to recent data from AMP Advice. Read more

Superannuation
Aware Super reports strong 11.02% return for flagship investment option
Aware Super, one of Australia's largest superannuation funds, has announced an 11.02% return for its High Growth accumulation option in the 2024 financial year. Read more

Superannuation
Retirement savings strategies: How to boost your superannuation
Superannuation is a pivotal part of retirement planning in Australia, offering a tax-effective way to save for your later years. As you navigate through your working life, enhancing your ...Read more

Superannuation
Rest super fund reports 11.19 per cent return for 2024
Rest superannuation fund delivered an 11.19 per cent return in its MySuper Growth investment option for calendar year 2024, marking two consecutive years of positive returns. Read more

Superannuation
Actuaries propose three-tier superannuation tax reform
The Actuaries Institute has outlined major reforms to Australia's $4.1 trillion superannuation system, proposing uniform tax rates and new levies on high retirement withdrawals. Read more

Superannuation
Survey reveals Australians' reliance on superannuation for retirement
A new survey by AustralianSuper has found that only 32% of Australians believe they could save for retirement without compulsory superannuation. Read more

Superannuation
AMP launches national campaign to boost super engagement
AMP has unveiled a new national advertising campaign aimed at encouraging Australians to engage more actively with their superannuation. Read more

Superannuation
AustralianSuper urges action on gender pay gap for Equal Pay Day
AustralianSuper, Australia's largest superannuation fund, is calling for increased focus on the gender pay gap and its long-term impacts on women's retirement savings this Equal Pay Day, August 19. Read more

Superannuation
AMP advisers focus on super contributions and home ownership queries
Financial advisers are prioritizing assistance with superannuation contributions, transfer balance caps, death benefits, and home ownership issues, according to recent data from AMP Advice. Read more

Superannuation
Aware Super reports strong 11.02% return for flagship investment option
Aware Super, one of Australia's largest superannuation funds, has announced an 11.02% return for its High Growth accumulation option in the 2024 financial year. Read more

Superannuation
Retirement savings strategies: How to boost your superannuation
Superannuation is a pivotal part of retirement planning in Australia, offering a tax-effective way to save for your later years. As you navigate through your working life, enhancing your ...Read more