Government Should Consider Special Release Conditions

Given the relatively stringent preconditions for amounts to be released from super under either the Severe Financial Hardship or Compassionate Grounds release conditions and given the limited amount which generally can be released, the Government should consider introducing another release condition – being one specially tailored for natural disasters, which will provide meaningful financial support.  This could be achieved by a simple amendment of the Superannuation Industry (Supervision) Regulations.