Original article by Ben Butler
The Guardian – Page: Online : 31-Mar-20
The federal government has predicted that as much as $27 billion could be withdrawn from super funds under rules allowing people who lose their jobs as a result of COVID-19 to withdraw up to $20,000, but some funds suggest that it could be as much as $60 billion. The Reserve Bank is understood to be working out how it might set up a government-backed facility to assist funds to pay withdrawals, although Treasurer Josh Frydenberg has thus far rejected the idea. The government’s decision to introduce a wage subsidy to keep people in work could mean the level of withdrawals may not be as great as previously forecast.
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY