Almost 7000 Sunshine Coast residents have gained early access to their super annulation funds to withdraw a combined $50 million in savings
Almost 7000 Sunshine Coast residents have gained early access to their super annulation funds to withdraw a combined $50 million in savings

Coast residents pull staggering amount from super

Almost 7000 Sunshine Coast residents have gained early access to their superannuation funds to withdraw a combined $50 million in savings, according to fund Hostplus.

The company, which manages superannuation for hospitality, tourism, recreation and sport industries, has to date processed 6734 applications from locals worth $50,876,092.

The Super Early Release Scheme was introduced to aid people who suffered a significant income hit or were made redundant as a result of COVID-19.

It allowed them to gain access to their retirement funds up to $10,000 tax-free until the end of June.

Maroochydore residents, who had one of the state’s largest totals, submitted 411 applications to draw out almost $3 million.

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Regional Development Australia Sunshine Coast CEO Paul Fisher said the Federal Government scheme, which was introduced to stimulate the economy, had done exactly that.

“It enabled a number of people without sources of income, be it not being able to get JobKeeper or Seeker, to get access to pay their mortgage, or rent, or petrol,” Mr Fisher said.

“In the circumstances at the time, it put $10,000 in their pockets that they wouldn’t have had access to.

“It was a positive move.

“The money tided them over and put money back into the economy.”

As of September 13 Hostplus processed 390,684 early release of superannuation applications, which totalled to more than $2.82 billion.

The fund reported that it continued to process over 97 per cent of Australia Tax Office-approved requests within five business days.

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“We are proud to support the government’s scheme through which we have been meeting the needs of members who have required additional financial support at this time,” Hostplus CEO David Elia said.

“Hostplus remains well placed to support those members considering making a claim under this scheme, while maintaining our focus on our primary purpose, which is of course to deliver the best long-term returns to our members so that they can enjoy a dignified retirement.”

Mr Elia said the 25 to 44 year old age group had dominated the withdrawals, with female members accounting for about 46 per cent of claims.

He encouraged members to visit its website prior to lodging an application to see what steps they should take to ensure timely processing of their payments.