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Early release of super costs retirement funds billions – The Mercury

The superannuation industry has been siphoned of nearly $30 billion by Australians claiming financial hardship as a result of the coronavirus pandemic.

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The superannuation industry has been siphoned of nearly $30 billion by Australians claiming financial hardship as a result of the coronavirus pandemic.
Latest figures released by the Australian Prudential Regulation Authority show $28bn has been leached from the country’s near $3 trillion superannuation sector, by more than 3.6 million.
As at July 19, approximately 3.8 million applications for early withdrawal requests had been lodged with the Australian Taxation Office, at an estimated cost …

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