Withdrawing super during COVID-19

Jurisdiction: Australia

How do people understand and prepare for their long term financial needs after withdrawing their superannuation during COVID-19?

The financial situation of many people has been negatively impacted by COVID-19. To support these people, the Australian Government is allowing eligible citizens and permanent residents of Australia or New Zealand to access up to $10,000 of their super. This could be done in the 2019-20 and the 2020-21 financial years. However, accessing superannuation early can have negative impacts such as needing to work longer to accumulate the required balance for retirement. How do we help people to understand and prepare them for the long term financial impacts of doing this?

Entry: Challenge entry is available to all teams in Australia.

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Taxation Statistics 2017-18

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