As part of its pandemic support Australians who were under financial duress could access up to 20,000 in two tranches between 20 April 2020 and December 31 2020.
APRA stats have shown the final cost for superannuation members saw a total of $37.3 billion withdrawn through the scheme.
Of the 3.5 million Australians who applied to the scheme, 1.4 million took advantage of the two tranches available to them.
The average payment made was $7,638. Repeat applications were for an average amount of $8,268 while initial applications were for an average amount of $7,402.
The ACTU pointed to vulnerable Australians who were not eligible for JobKeeper payments that were most significantly impacted by the early access to superannuation scheme.
Casual employees who worked for an employer for less than one year were cut out from JobKeeper entirely, subsequently making hospitality workers some of the hardest hit.
Government employees and bank workers also did not receive JobKeeper.
They also point out more than 700,000 workers were forced to completely empty their superannuation accounts, with 80 per cent being below the age of 35.
“A 30-year-old emptying their account by withdrawing $20,000 will be nearly $80,000 worse off in retirement – this Government has created a legacy of poverty by implementing a program designed to shift the burden of responding to this crisis from government to individual,” said ACTU assistant secretary Scott Connolly.
The ACTU also believes the early access to superannuation scheme will see Australian women be disproportionately affected by the scheme.
“Women currently retire with 47 per cent of the amount of superannuation as men and being forced into withdrawing from their retirement savings will widen this divide,” Mr Connolly said.
According to the union, the average Australian superannuation will now outlast members by a decade.
“Workers urgently need to rebuild their super from this hit in order to retire with dignity, and the Morrison Government must re-commit to the already legislated increase of 12 per cent for the superannuation guarantee,” Mr Connolly concluded.
