12 August 2020

Australia’s corporate regulator has now confirmed that serious and organised criminals are targeting the Morrison Government’s troubled early release super scheme.
In answers to parliamentary questions taken on notice by ASIC, the regulator noted that it had received referrals from nine separate Commonwealth agencies relating to the scheme, including the Australian Cyber Security Centre.
Referrals included “serious and organised crime targeting early release of superannuation payments (ERS) real estate agents encouraging tenants to access ERS to meet rental payments, credit providers advising borrowers to use ERS meet loan repayments and members of the public being charged fees to access ERS.”
Labor and the industry repeatedly warned the Government that the poor design and implementation of the scheme is putting billions of dollars in Australians’ super at risk.
The scheme which relies on automatic self-assessment has been mired in controversy.
Scott Morrison’s lack of a plan for jobs and the recovery has forced millions of anxious Australians to raid their retirement savings.
Analysts have shown that the scheme is coming at the cost of billions of dollars in retirement savings for ordinary Australians.
This means hundreds of thousands more Australians will be worse off in retirement and relying on the pension.
Labor has now asked the Auditor-General to investigate the scheme.

The Morrison Government refuses to answer questions on the extent of the fraud and how victims will be compensated.