Early superannuation access a negative for the economy: Labor

The scheme that allows Australians in hardship to access up to $10,000 from their accounts has been extended until December. But not everyone agrees.

Early access to superannuation is making Australians poorer, Opposition Leader Anthony Albanese says.

The scheme that allows Australians in hardship to access up to $10,000 from their accounts has been extended until December.

But Mr Albanese condemned the move, saying it will have a negative impact on the economy.

“They’re leaving people poorer off down the track,” he said.

“That will affect individuals in terms of their capacity to be able to have a quality of life when they retire.

“We know that pool of savings is absolutely essential.”

Labor leader Anthony Albanese says early access to super undermines the capacity of infrastructure funds to invest long term, which benefits the entire nation. Picture: NCA NewsWire / Dylan K Coker

He also slammed the Government’s push to extend temporary workplace laws that allow businesses to change an employee’s duties, hours and location.

“The industrial relations changes being mooted by the Government to be made permanent certainly won’t do anything to boost people’s confidence about their future income security,” Mr Albanese said.

Despite agreeing to cancel the first sitting fortnight of parliament in August based on health advice, he said it was a “a pity we can’t hold them to account in the parliament”.

“Labor is determined to ensure that no further sessions of parliament are cancelled and the Government is held to account on these issues,” he said.