SYDNEY - Millions of Australians have rushed to withdraw a total of A$33.3 billion from their retirement savings under a controversial scheme that allows people struggling financially due to the Covid-19 pandemic to raid their nest eggs.
The government introduced the scheme in April and initially planned to end it on Sept 24. But the scheme has since been extended until Dec 31. "Superannuation is for retirement, not crises and it can't do both. Once money is withdrawn, it's gone," Dr Charlton, now a director of consultancy firm AlphaBeta, wrote in The Sydney Morning Herald earlier this year.
The conservative Liberal-National government has defended the decision to allow people to access their funds, saying that the money belongs to those who withdraw it and should be accessible due to the current economic challenges. "It upsets me, to be honest, that so many of us were forced into dipping into our super," she told ABC News.
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