Qld took more out of super than state spent on COVID recovery

As the Premier trades barbs with the federal Treasurer, shocking figures show how Queenslanders took economic security into their own hands during the pandemic.

Queenslanders borrowed more from their superannuation to support themselves during COVID-19 than the State Government has committed over four years, new figures reveal.

Treasurer Josh Frydenberg has revealed the shocking data as he accuses Premier Annastacia Palaszczuk of “petty politicking”.

The rebuke followed Ms Palaszczuk branding him “completely out of touch” to issues affecting Queenslanders, as the Federal Government prepares to end its JobKeeper wage subsidy after 12 months.

Treasurer Josh Frydenberg accused the Premier of “petty politicking” over her JobKeeper comments. Picture: Daniel Pockett/NCA NewsWire

It is understood that a replacement scheme for JobKeeper targeted at the tourism industry, still struggling in parts due to international border closures, will go likely before the Federal Government’s expenditure review committee on Friday before being announced next week.

Ms Palaszczuk said there were about 240,000 Queenslanders still on JobKeeper and the state was not getting a fair go from Canberra.

But Mr Frydenberg said the Commonwealth had splashed out $28.5 billion in support to Queensland businesses and households in the past 12 months, compared to the state’s commitment of $8 billion over four years.

“Incredibly, Queenslanders during COVID-19 have used more of their own savings through early access to super than what their state government has offered in total economic support,” he said.

“Under the Morrison Government’s early release superannuation program Queenslanders have accessed $9.8 billion of their own money to support themselves through COVID-19, compared to the Premier’s promise of $8.8 billion in support.”

He said there had been about $15 billion in JobKeeper payments, $6.9 billion in cash flow boost payments to businesses and $4.3 billion in coronavirus supplement payments to Queensland.

Queensland Premier Annastacia Palaszczuk says the Federal Government is out of touch with the state’s issues. Picture: Dan Peled/NCA NewsWire

Meanwhile, federal Opposition deputy leader Richard Marles said businesses facing “untold hardship” after the end of JobKeeper on March 28 needed certainty about any plans for extended government support.

He said the Government had flagged plans to provide extra support but businesses desperately needed to know what would be available now so they could make investments and decisions about their future.

“The signals and the understandings need to be given to businesses right now about what is the plan after the 28th of March,” he said.

“If it really is the plan to not extend JobKeeper beyond that date for industries which are so deeply affected by it – tourism being an obvious one- then that is going to result in untold hardship across this state and across the country.”