The fund is in the process of collecting signatures for a petition pushing the bid, which is addressed to Treasurer Josh Frydenberg.
The petition has asked the government to “choose people over profit” by using an estimated $12 billion in funds that subside the fossil fuel industry to repay people who borrow from their super.
The $12 billion figure is a projection from activist group Market Forces, predicting how much tax-based fossil fuel subsidies cost at a federal level each year.
“No one should face a choice between putting food on the table or protecting their future,” the letter from Future Super read.
“But hardworking Australians are being forced to dig into their super and do exactly that. When billions of tax dollars go into corporate subsidies, and people are told to pay their own way out of a financial crisis, something is very wrong.
“This a moment where we can outline the future we want to see, reset our system to work for all people, and make important progress on the way. Everyone deserves to have their future protected in the same way, and we stand for everyone.”
As at 2pm on Friday, a little over 2,300 people had signed the petition.
And on Thursday night, 527,000 applications for early release of super had been approved by the ATO, totalling $4.4 billion.
Treasury projected that up to $27 billion would be claimed under the mechanism, but Rice Warner has estimated that as unemployment rises through the crisis, as much as $40 billion to $50 billion could be redeemed.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
