$1.6b taken out of South Australian super

Industry Super Australia (ISA) has initiated a state-by-state campaign pointing to the impacts of the early access to superannuation scheme brought on by the COVID-19 pandemic.

In its latest analysis, ISA said almost 30,000 South Australians had wiped out their super savings as $1.6 billion had been taken from retirement savings in the state.

Over 210,000 applications had been made with the average withdrawing $7,921.

ISA said the top three electorates by withdrawals in the state were Adelaide at $177 million, Hindmarsh at $161 million, and Port Adelaide at $159 million.

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ISA chief executive, Bernie Dean, said: “The SA workers who accessed their super to prop themselves up now face a looming tragedy of retiring with less and being more reliant on the pension.

“The only realistic way workers can make up the difference is with the promised increase to the super rate – ditch the super increase and we will be saddling the next generation with a whopping pension bill.

“The youngest Australians would face a shocking double whammy they can’t afford if they have to repay the debt government has taken on during this crisis, and then pay for our retirement on the pension.”