Pandemic super raid to cost $85 billion as more retirees tap aged pension

The Morrison government's early release of superannuation scheme could hit future taxpayers with as much as $85 billion additional costs as people who tapped super funds are forced to rely on the aged pension. Modelling by the Super Members Council shows the Early Release of Super Scheme shows a 30-year-old who withdrew the maximum $20,000 from super during the pandemic would be would $93,600 worse off in retirement. Reporter: Peter Ryan, Senior Business Correspondent Featured: Misha Schubert, chief executive, Super Members Council