The Federal Treasurer, Josh Frydenberg has confirmed that the Government’s hardship early access superannuation scheme will be extended until 31 December.
Access to the scheme had originally been intended to end on 24 September.
In his economic announcement today, he said the Government was extending the application period for the measure from 24 September 2020 to 31 December, 2020, to increase the scope for individuals who may still be financially impacted by COVID 19 to access early release in the coming months.
“Eligible Australian and New Zealand citizens and permanent residents were able to access up to $10,000 of their superannuation before 1 July, 2020. They can access a further $10,000 until 31 December, 2020,” the Government announcement said.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.