Overnight, the Australian Financial Review reported that people are draining their retirement savings through the Governments robo-release early super access scheme only to lose the funds within days through online gambling apps. 
 
Early release of superannuation was supposed to relieve hardship, not create it.
 
Labor warned the Government that their robo-release early super access scheme would lead to fraud, predatory marketing and abuse.
 
Not only is this money not stimulating the Australian economy, the profits are going to shady gambling business located in offshore tax havens.
 
The Government has designed a system for speed, not accuracy. 
 
Yesterday, ASIC raised further concerns that dodgy financial advisors were exploiting the pandemic and charging for access to early release on consolidation of super, which is free through the myGov portal.
 
This Liberal’s robo-release process is a honey pot for shonks, fraudsters and gambling marketers. 
 
Predatory financial advisors and gambling marketers have been enabled by a flawed system which the Government created.
 
The Government are yet to reveal how many fraudulent claims have been made, and what it is doing to compensate victims who have had their money stolen, after the ATO directed their superfund to make a payment.
 
Scott Morrison and Josh Frydenberg can’t wash their hands of the problems that continue to arise from this scheme.
 
They have repeatedly ignored advice from Labor, industry, consumer groups.
 
The Liberal’s robo-release early access super scheme has seen over a million Australians resorting to accessing their retirement savings, instead of receiving timely Government support.

Australia has a world class superannuation system. Government Ministers must take measures to protect its integrity.