Early access to super extended until end-2020

Individuals who are still financially impacted by the COVID-19 pandemic will have more time to apply for the early release of up to $10,000 of superannuation, with the application period extended from 24 September 2020 to 31 December 2020, the Treasury has announced. 

According to its projections, the temporary early access to superannuation scheme is predicted to cost the government $2.22 billion across five financial years beginning from 2019-20 and ending in 2023-24. 

APRA revealed recently that over 800,000 Australians have now dipped into their retirement savings for the second time this year.

In the second week in July, 472,000 repeat applications to access super early were made, bringing the total amount of repeat applicants to 818,000 as of 12 July, the authority said. 

The government is also extending the COVID-19 SME Guarantee Scheme to loans written until 30 June 2021, and making targeted amendments to ensure that the loans available suit the evolving needs of SMEs.