The federal opposition claims young Australians will look back on the Morrison government's decision to allow early access to superannuation as being as "dumb" as allowing cane toads into Australia.
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Labor calculates a young person who's taken $20,000 out of their super accounts under the temporary measure will be as much as $100,000 worse of in retirement because of the compounding nature of super savings.
The government has allowed Australians in financial strife due to the economic impact of the coronavirus pandemic to make early withdrawals from their super accounts - up to $10,000 in the 2019/20 financial year and a further $10,000 this financial year.
But shadow assistant treasurer Stephen Jones said a 25-year old who withdraws the full $20,000 will be between $80,000-$100,000 worse off in retirement when taking into account inflation and the cost of living.
A 35-year old would be $65,000 worse off.
"The total cost for these young Australians ... is $44 billion in retirement savings," Mr Jones told reporters in Canberra on Sunday.
"Young Australians and the superannuation sector are doing the heavy lifting in economic stimulus."
This means they will have to work for longer, pay higher taxes and have less available in retirement.
"They are going to look back on this and think this superannuation scheme is something that is dumb as the introduction of cane toads into Australia," Mr Jones said.
Cane toads were brought to Australia in the 1930s from Hawaii to control cane beetle populations in sugar cane fields in northern Queensland.
Australian Associated Press