COVID-19: Over 360,000 Australians apply for superannuation

By Natasha Chaku

Melbourne, Apr 6 () Over 360,000 Australians have applied for accessing their superannuation under a recently rolled out relief measure by the federal government that allows early withdrawal of the funds for those facing financial crunch because of the coronavirus crisis.

The move, which was announced by Australian Prime Minister Scott Morrison recently, will allow those who have lost their jobs and are suffering from financial hardships as a result of COVID-19 to access up to 20,000 Australian dollars (USD 12,153) in super with no tax deduction.

According to a report in the ABC, the Australian Taxation Office (ATO) had already received 361,000 registrations till last week and it was still to estimate the total number of eligible candidates.

To be eligible for the superannuation, people must have had their working hours reduced by 20 per cent or more or be sole traders whose turnover has fallen by at least 20 per cent.

The government is expecting up to 27 billion Australian Dollars (USD 16.3 billion) to be withdrawn by about 1.5 million people under the scheme.

According to Treasurer Josh Frydenberg, the withdrawal would amount to less than 1 per cent of the almost 3 trillion Australian Dollars currently saved in superannuation.

Meanwhile, the number of coronavirus deaths in the country reached 41 on Monday and the total number of infections rose to 5,787.

The death toll has doubled in the past week, with three new fatalities in New South Wales, two in Victoria and one in Western Australia.

Health officials of the state of New South Wales confirmed the deaths of three men in their 80s.

In Victoria, Health Minister Jerry Mikakos tweeted that a 55-year-old man died in hospital and an 80-year woman died at home due to the disease.

In Perth city in Western Australia, an octogenarian died in Royal Perth Hospital on Monday. NC RS RS