Buried deep within today’s budget update papers was a sneaky extension to the Government’s scandal-ridden robo-release early access super scheme.
 
This is a vote of no confidence from the Government in their own ability to deal with soaring unemployment and the economic storm ahead.
 
Not only does Scott Morrison have no plan to create jobs and get Australians back to work, the Government have told Australians doing it tough that their only option is to raid their retirement savings.
 
No one deserves to be left behind in retirement, but too many Australians retire without enough. 
 
No one should be forced to work into their 70s, but Scott Morrison and the Liberals have already forced 2.5 million Australians to raid their retirement savings to get through the COVID crisis.
 
The Commonwealth Treasury initially estimated that 1.5 million people would access their superannuation savings, but the latest APRA data has established that 2.8 million people have applied to withdraw $25.3 billion, with a further 800 000 Australians already applying for a second withdrawal.
 
At the end of September, the Government will be cutting JobKeeper and JobSeeker. At the same time, banks will end their loan extension schemes for small business. This means there will be a massive drop in Government support for jobs and the economy. The extension of this scandal ridden scheme is a clear admission that the Government do not have a plan to get Australians back to work.
 
Super is critical to creating jobs and growth in the economic recovery.
 
The $3 trillion pool of super savings not only creates a retirement nest egg for Australians - it is being invested in infrastructure and businesses which are generating wealth and creating jobs.
 
If the Liberals continue to force Australians to raid their retirement savings, there will be less funds to make investments needed to create jobs and drive growth to boost the economic recovery. 
 
The Government need a plan to create jobs, not rob Australians of their retirement savings.
 
Background
 
In early May, ATO was forced to temporarily freeze the robo-release early access scheme because of fraud. The AFP have still not ruled out the involvement of organised and offshore crime.
 
Government Ministers are also yet to reveal how many fraudulent claims have been made, or what the Government is doing to compensate victims after the ATO directed their super fund to make a payment to a fraudulent account.
 
It has also been reported that there is an alarming trend of super funds being plunged directly into online gambling. If true, the embattled Government scheme may be boosting the profits of dodgy overseas gambling businesses, instead of stimulating the economy and addressing real hardship.