In 2020, at the start of the Covid pandemic, the Federal government let Australians draw up to $20,000 from their previously hard-to-reach super to avert financial hardship.
About three million people took up the offer, withdrawing an average of $17,000 – some $38 billion in total.
The scheme attracted considerable criticism. Industry Super Australia estimates that a 30-year-old who withdrew $20,000 at the start of the pandemic would be $80,000 worse off in retirement because of the compounding effect of lost investment earnings.
Fast-forward to 2024, and for Australians battling the high cost of living
