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Today’s announcement from Federal Government regarding new superannuation early release provisions will have potentially far-reaching implications both on individual Australians and the broader national economy.
AIST is acutely aware of the significant upcoming need for a large number of members of our funds to be provided with income support due to the impacts COVID 19 on their income. We stand ready to support the Government and our member funds in assisting impacted Australians at this time.
We are also aware that to ensure good long-term outcomes for all Australians as well as the wider economy, accessing superannuation should be done as a last resort, and the mechanism by which members’ savings are accessed should avoid locking in current losses for members, and be administratively tenable.
AIST will work closely and constructively with our member funds, the Government and regulators to address a number of administrative challenges and risks that will need to be overcome and mitigated for income support measures to be implemented in an orderly and effective way.
The measures announced significantly broaden the eligibility requirements for the early release of super and can only be effectively administered by the ATO, particularly in light of its enhanced online capability.
AIST is urging Australians who are facing financial hardship to access all other sources of income measures before tapping into their super.
AIST is working with its member funds to explore other opportunities with superannuation to assist the community in these difficult times.
Media contact: AIST Media Manager, Janet de Silva 0448 000 499
The Australian Institute of Superannuation Trusteess (AIST) is the peak body for the $1.5 trillion profit-to-member superannuation sector which include industry funds, government funds and corporate (company staff) funds.
23 March 2020