The governments early super access scheme has once again come under fire, after new research showed almost half of successful applicants had suffered no drop in income.
An analysis of bank transaction data by economic consultants AlphaBeta and credit bureau illion found that 38 per cent of those making early withdrawals had suffered no loss in income, while 21 per cent had actually increased their income by 10 per cent or more.
If transposed onto official figures from regulator APRA, that would mean that 885,000 people withdrew money from superannuation between July 1 and August 9 despite maintaining their income.
To be eligible for early super withdrawals, members needed to have suffered a 20 per cent drop in working hours or turnove…
Read the full article at: https://thenewdaily.com.au/finance/superannuation/2020/08/17/super-pandemic-withdrawals/