Australian super funds troubled by rush for second withdrawal under coronavirus rules

Industry worries people who are desperate for cash due to the Covid-19 crisis are draining their retirement savings

Super funds received more than 340,000 applications in three days from people who wanted to make a second withdrawal from their superannuation accounts under rules allowing early access to retirement savings due to the coronavirus crisis.

The double drawdowns have increased concerns that people who are desperate for cash due to the recession provoked by Covid-19 lockdowns are draining their entire retirement savings.