$13.2bn has been withdrawn from retirement funds

The Australian Tax Office has provided some new interesting data.

Superannuation withdrawal scheme: So far, $13.2bn has been withdrawn from retirement funds. Source: Getty Images/Jules Ingall

-There is a 1,600% increase in hardship claims in the last month compared with the entire 2018 -19 financial year.

-More than 50% of applicants were 35 or under.

-More than 33% of applicants were 30 or under.

-Under the ATO’s self-assessment automated approval system, nobody has been rejected for not being eligible.

-More than 50% of applicants for the scheme withdrew the maximum possible, suggesting where the maximum amount was not taken it is likely that they were only limited by not having $10,000 in their super account. 

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