Early access to superannuation funds ‘only formalizes an existing scheme’

Finance Minister Matthias Cormann says the government’s move to allow early access to a portion of superannuation funds “only formalizes an existing scheme”. The government announced on Sunday it would allow people experiencing financial hardship during the coronavirus crisis early access to $20,000 of their superannuation fund. Mr Cormann told Sky News the government already has “ a scheme where you can access superannuation early on hardship provisions”. The government has been accused of severely underestimating the number of people who would require access to their super during this period. “The financial regulator has advised us this is easily feasible for superannuation funds around Australia without causing any difficulties whatsoever,” the finance minister said. “We have just made it very clear these hardship provisions can apply in an efficient manner in this context. “I think that all Australians who look at this objectively would agree that this is an appropriate circumstance to give people access to a proportion of their superannuation under hardship provisions.” Image: Getty

from National | Daily Telegraph https://ift.tt/3bNH1lK