The strength of investment markets and generally improved member sentiment have seen growth in superannuation assets rebound strongly from the impacts of the Government early release superannuation regime.
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She noted that those who had access their super early would find it difficult to make up the lost ground in their savings without targeted policy intervention.
AIST recommended a one-off Government contribution to the super accounts of low-income earners who accessed their super early and met the eligibility criteria. The contribution would be based on the proportion of balance withdrawn and no more than $5,000.
“Addressing the COVID-19 super gap will not only ensure Australians aren’t penalised in retirement for an economic downturn driven by a health crisis that they had no control over, it will also reduce the extent to which they are required to rely on the taxpayer-funded age pension in retirement,” Scheerlinck said.
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