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Younger savers clean out their super

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Younger workers who have been laid off or had their hours reduced appear to be completely draining their superannuation savings, according to average drawdown data for the first week of the government's early access scheme.

The figures came as Treasury confirmed a decision to allow temporary visa holders to draw down their savings is expected to see a further 700,000 fund members drain an extra $2.5 billion out of the $3 trillion retirement income system.

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Michael Roddan is a Walkley Award-winning national correspondent based in Sydney. He is a former business and economics reporter for The Australian. Connect with Michael on Twitter. Email Michael at m.roddan@afr.com
Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com

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    Original URL: https://www.afr.com/companies/financial-services/younger-savers-clean-out-their-super-20200427-p54nmf