Early super withdrawals cost $4.7 billion in lost returns
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The 3 million Australians who withdrew superannuation as part of the governmentâs early access scheme have already lost $4.7 billion in investment returns, a report from the left-leaning McKell Institute says.
The $36.4 billion withdrawn through the âEarly access to your superâ scheme would now be worth $41.1 billion if it had continued to be invested in superannuation, estimates a report released by the institute on Monday.
The policy led people to withdraw superannuation at the bottom of the market, meaning participants have missed out on the subsequent economic recovery, which has resulted in super fund indices increasing by 15 per cent - 20 per cent, the report said.
Foreign investment uncertainty jumps
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Foreign investment uncertainty for Australia doubled last year as the federal government imposed tough screening restrictions on offshore investors during COVID-19, according to a new âForeign Investment Uncertainty Indexâ.
The index, developed by US Studies Centre economist Stephen Kirchner, is based on a keyword search of major Australian newspapers from 1997 through to the end of 2020.
Treasurer Josh Frydenberg has rejected several China-backed acquisitions.Â
Rhett Wyman
The rise in uncertainty for foreign investors was largely due to the temporary COVID-19 requirement for all foreign direct investments to attain government approval and the introduction of a permanent tougher national security test, tacitly targeting China-related investments.