A major change could be coming for the $3.3 trillion superannuation system in Australia with Treasurer Jim Chalmers hoping to crack down on early access. 9News
has pledged to "end the super wars once and for all", calling an end to what he described as a "debacle" when Australians were given early access to their superannuation during the COVID-19 pandemic.
He described the policy of the Morrison government of allowing Australians to access up to $10,000 of their super to cover living costs during the pandemic as "disastrous".The federal government wants to make it harder for Australians to access their superannuation early.4111 "This messy, ideologically motivated approach culminated in the early release debacle during the pandemic.""We'll move to end the super wars once and for all – and make sure that future changes to the system are compatible with its very objective. Doing that requires that we embed super's purpose into law," he said.
The federal opposition, however, has pushed for early access to remain open as part of a first home buyers scheme.$36 billion had been withdrawn from Australians' collective super during the COVID-19 pandemic.Kehoe said there were two sides to the home-buying scheme debate, pointing out that people accessing their super might drive prices higher.
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