The Government is forcing Australians who have lost their job to eat their superannuation before they can access unemployment support.

On 25 September the Government reinstated the Liquid Assets Waiting Period for Australians with liquid assets applying for unemployment support.
In question time today, the Minster representing the Minister for Social Services Stuart Robert confirmed that superannuation withdrawn early is considered a liquid asset for the purposes of triggering the waiting period.
With the Government encouraging out-of-work Australians to access up to $20,000 of their superannuation early, many have been subjected to the Liquid Assets Waiting Period.
The Minister also confirmed that the Government has plans to double the waiting period to up to six months, which would cut $10,600 in unemployment support to Australians who have lost their job.
Unemployed Australians who have accessed the maximum amount of superannuation as encouraged by the Government would be subjected to the entire six-month waiting period.
The Government is trying to pocket a budget saving from the superannuation of people who have lost their job.
More than $35 billion has been withdrawn in 3.4 million applications. The majority of funds were drawn by people under the age of 35 and over 600,000 Australians have wiped out their retirement savings.
The Government has used private savings for public stimulus and these Australians will pay a high price.

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So, as the #MegaMillions jackpot reaches a record $1.6B and #Powerball reaches $620M, here's my advice about how to spend the money in a way that will truly set you, your children and their kids up for life.

Ready?

Create a private foundation and give it all away. 1/

Let's stipulate first that lottery winners often have a hard time. Being publicly identified makes you a target for "friends" and "family" who want your money, as well as for non-family grifters and con men. 2/

The stress can be damaging, even deadly, and Uncle Sam takes his huge cut. Plus, having a big pool of disposable income can be irresistible to people not accustomed to managing wealth.
https://t.co/fiHsuJyZwz 3/

Meanwhile, the private foundation is as close as we come to Downton Abbey and the landed aristocracy in this country. It's a largely untaxed pot of money that grows significantly over time, and those who control them tend to entrench their own privileges and those of their kin. 4

Here's how it works for a big lotto winner:

1. Win the prize.
2. Announce that you are donating it to the YOUR NAME HERE Family Foundation.
3. Receive massive plaudits in the press. You will be a folk hero for this decision.
4. Appoint only trusted friends/family to board. 5/

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