Australians took more out of their super accounts in June than they put in

Labor says the latest statistics make the legislated rises in compulsory superannuation from 9.5% to 12% more important than ever

Australian workers took more out of their superannuation accounts in the June quarter than they put in - the first time net contributions have been negative since the compulsory retirement savings scheme was introduced in 1992.

Labor seized on the Australian Prudential Regulatory Authority quarterly statistics, released on Tuesday, saying they show the effect of $33bn withdrawn so far under the early release scheme.