Australia’s superannuation system is facing an overhaul, with the government looking at ways to block the early release of retirement money.
Treasurer Jim Chalmers proposed further protections for superannuation to safeguard retirement savings in a speech on Monday.
Australians pulled out about $36 billion from their retirement funds during the pandemic.
Chalmers said the early withdrawal of billions was a “disastrous policy” from the former coalition government.
The coalition policy was intended to give a financial buffer to those impacted by COVID-19 shutdowns.
The government will work towards enshrining the definition of superannuation in law to preserve retirement savings.
“This made us vulnerable to wrong turns and wrong decisions,” he said….