Early Super Release During Pandemic Causes Australians to Stay Unemployed Longer: Study
A new study has revealed that allowing Australians to access their superannuation early during the COVID-19 pandemic delayed their return to work and hurt the government’s budget.
Researchers at the Australian National University (ANU) studied the effects of early pension withdrawal policies by examining the behaviour of over half a million Australians during the pandemic.
They found that among those withdrawing from their super accounts at the most acute phase of the pandemic, between April and June 2020, there was a 32 percent lower exit rate from unemployment benefits within the first six months and 14 percent within a year.
And among those tapping into their retirement funds between July and August 2020, there was a 33 percent lower exit from the unemployment benefit system within the first nine months and 14 percent within 15 months….