Treasurer Jim Chalmers has come out today expressing his desire to implement regulations preventing early access to retirement savings. 

Between April 20th and June 30th, 2020, the Federal Government granted individuals access to a maximum of $10,000 from their superannuation.

Additionally, a second application period from July 1st to December 31st in 2020, another $10,000 was made available.

Around $38 billion was withdrawn collectively to support people whose finances were impacted by Covid. 

Currently, the government is proposing a law that defines the purpose of the superannuation system.

The intended targets of the regulation are not the members or trustees of the superannuation funds, but rather the government itself.

Michelle Levy Partner at Allens Law Firm spoke with Deborah Knight about why the government is wanting to make these changes.

“This is an attempt to get some general consensus bipartisan view really on what it should be for,” Michelle Levy said.

You can hear more highlights from Deborah Knight below:

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