Superannuation savings were vapourised on “a new Kia car or a new pair of skis” when withdrawn under the government’s hardship scheme, says Paul Keating, who blasted Treasury’s “anti-super” bias and claimed the Reserve Bank is in cahoots with Liberal backbenchers.

Mr Keating, the architect of the $2.9 trillion compulsory savings system, said the Morrison government should have expedited the JobKeeper and JobSeeker payments before allowing people to access up to $20,000 of their savings under the hardship scheme.