Early Release of Super

Under the COVID-19 Superannuation Early Release Scheme, people who have lost their jobs or suffered a significant drop in their income have a second opportunity to access up to $10,000 from their retirement savings. With the application period for the current financial year extended to 31 December 2020, the demand for access has outstripped initial Government estimates. The nature of this scheme has seen some notable outcomes, including a boost to nonessential spending.