Blue Mountains and Hawkesbury residents withdrew more than $200 million early from their super last year, leaving close to 4000 super accounts completely empty.

New figures from Industry Super Australia based on Australian Bureau of Statistics (ABS) data show 26,494 applications for early super payments were made in Macquarie up to December 13 of last year, resulting in $200.8 million being paid out.

“The data shows the average payment in Macquarie was $7,578, and 3,752 accounts were wiped out altogether,” Federal Member for Macquarie, Susan Templeman, said.

“Across NSW, $10 billion dollars of superannuation funds were withdrawn, with more than 225,000 people in NSW effectively wiped out their retirement savings after the government allowed workers to take up to $20,000.

“People might not realise it, but $38 billion of their own superannuation money was the biggest boost to the economy behind JobKeeper last year.

“While it might have helped in the short term, it’s going to leave a big gap for people down the track, which is why it’s vital the government sticks to its promise to lift the super rate from 9.5 per cent to 10 per cent this year, to give people the chance to recoup their savings for when they retire.

“I’m concerned that the Minister for Superannuation, Jane Hume, thinks a better option would be for retirees to sell their house if they don’t have enough super.

“This is what she’s suggested late last month (in an opinion piece in the Australian Financial Review), arguing that too many Australians were ‘eventually dying with most of their savings intact’.

“It’s now clear a decent retirement income for all Australians isn’t on the Morrison Government’s agenda.<