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Members who withdrew their super will never recover the impact: Combet

“I’m not denying there is a trade-off between these two things but what I object to is the only thing on the table is to stop the 2.5% super guarantee increase with no guarantee of anything.
“If the SG guarantee does not go ahead there will be no increase in super, missing out on hundreds of thousands of dollars in retirement, and no wage increase. There won’t be a trade-off for a senior exec in a financial services firm but if you’re a hotel cleaner on minimum wages they suffer the most as they miss out on increase in super and wage increase under proposition put forward.”

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Super funds need to review liquidity budgets

“However, it was an extreme event and allowing people to access super in times of financial distress has helped a number of households.
“When I think about the liquidity impacts, obviously timing is everything and a lot of super funds were seeing switching to lower risk options which created liquidity demands, they were seeing falling Australian currency which created liquidity demands on their hedges, and in addition to having early release on top it obviously added to that liquidity stress to funds.”
Sawtell-Rickson said now the challenge was investment strategy.
“As we think about the future, if early release is now a new tool that is available and likely to be used in the most extreme situations when markets are likely to be in stress, suddenly we need to think about our liquidity budgeting differently,” she said.

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Did 5% of super early release applicants empty their accounts?

Superannuation fund executives said that the 5% marker for members who had totally emptied their accounts was typical across many of the funds dealing with early release.
The latest APRA data confirmed that REST was among the top 10 funds impacted by the early release scheme which on their own accounted $24.2 billion of the total $36.8 billion withdrawn under the arrangements.
The APRA data revealed the most affected funds as being:
AustralianSuper which saw 648,518 members withdraw nearly $5 billion;
Cbus which saw 276,634 members withdraw $2.3 billion;
HESTA which saw 227,020 members withdraw $1.8 billion;
Hostplus which saw 426,015 members withdraw just over $3 billion;
MLC Super which saw 170,565 members withdraw $1.3 billion;

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Early release of super scheme hits $35.9b

There were a further 21,000 superannuation members who applied for the early release of their super in the week before the scheme ended, with 31% representing repeat applications, according to data.

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