Hume talks of third early release tranche

Comments by the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, have renewed speculation that the Government will initiate a third tranche of its superannuation early release regime via tonight’s Federal budget. 

That speculation was prompted by Hume’s appearance on the ABC’s Q&A program during which she commented on the success of  the early release regime and how much feedback had been received on the part of the Government calling for a third tranche. 

She defended the early release regime against suggestions by the Federal Opposition that the Government had simply abrogated its responsibilities to people in financial distress by forcing them to use their own superannuation savings. 

The Government initially established the early release regime as part of its rapid response to the COVID-19 pandemic announced in March but later allowed a second tranche cutting in on 1 July and running through to the end of the calendar year. 

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Any third tranche is expected to cut in from 1 January. 

The Federal Opposition is expected to resist a third tranche and there have been no signals from the Government on whether tonight’s Budget will contain measures designed to encourage those who have taken early release to recontribute to their superannuation savings.