COVID payments had ‘detrimental’ impact on retirement savings
While the COVID-19 early release payments played an important role, ASFA says it also impacted the retirement savings of millions of Australians.
The Association of Superannuation Funds of Australia (ASFA) has released new analysis which it says illustrates the impact of the COVID-19 early release of superannuation (ERS) scheme on both individuals and superannuation funds.
The analysis by ASFA shows that funds made a total of $38 billion in payments for a total of 4.9 million applications.
Around 3 million Australians applied for early release, with many making two applications.
Read more at SMSF Adviser
