Young people who withdraw super may be $100,000 worse off in retirement, Labor says

Opposition steps up attacks on coronavirus support measure that allows people in financial distress to withdraw up to $20,000

Young people will bear the brunt of the Covid-19 economic crisis, Labor has said, as it estimates a 25-year-old who withdraws $20,000 from superannuation may be left up to $100,000 worse off in retirement.

The opposition is stepping up its attack on the government's handling of the early access to superannuation scheme, which allows people dealing with the adverse economic effects of Covid-19 to withdraw up to $10,000 this financial year. People were also able to access up to $10,000 last financial year.