Industry Super Australia has crunched the numbers of how many people possibly accessed their superannuation early.
Industry Super Australia has crunched the numbers of how many people possibly accessed their superannuation early.

$257 million wiped from retirement nest eggs

MACKAY residents have wiped millions from their superannuation nest eggs, with more than 4800 wiping their accounts completely.

Industry Super Australia data shows more than 145,000 Queenslanders have wiped out their retirement savings under the government's early release scheme.

It breaks down the number of applications received per federal electorate for each state, with the total amount of super paid out to Queenslanders a whopping $7.4 billion.

About 27 per cent of Queenslanders accessed the scheme.

About 156,000 people live in the Dawson electorate, and more than 34,300 people applied for early access to their superannuation funds.

Just more than 32,300 of those applications were paid for a total of $257.9 million, or an average of $7972 each.

More stories:

New 'paddock to bottle' distillery to open this year

FIRST LOOK: Plans for resort-style wedding venue

New tourism drawcard to open its doors in Eungella

Queens Park reopens to public after $8.86m upgrade

Why major Northern Beaches development is on pause

The Dawson electorate ranked 13th in the state, with Brisbane ($360.7 million), Griffith ($334.4 million) and Moncrieff ($300.4 million) making the top three respectively.

It compares to the Capricornia electorate, ranked 22nd in the state, with a population of just more than 147,400 people of which 30,700 people applied to access their super.

The 28,910 paid applications totalled $231 million for an average of $7991 each, with 4212 people wiping their accounts completely.

The figures were determined based on ISA analysis of the impacts of COVID-19 on electorate employment using Australian Bureau of Statistics data by industry and age.

The estimated number of accounts that were wiped was based on Australian Taxation Office data on the distribution of superannuation balances by region and age.

ISA chief executive Bernie Dean said 145,000 Queenslanders wiping out their super was "a tragedy waiting to happen for Queensland".

"The only way to repair the retirement savings of Queenslanders is to lift the super rate," he said.

Subscriber benefits:

You daily dose of Harry Bruce cartoons

Five ways to get more from your digital subscription

WATCH: Your guide to reading the Daily Mercury online

Your questions about the new Daily Mercury format answered

How to make the most of your Mercury subscription

Daily puzzles and Sudoku another reason to stay subscribed

We're still here: How to contact your journalists

"It is critical to helping rebuild savings wiped out and to avoid tax hikes on working people to prop up more people drawing a full pension."

The ISA has called on the Federal Government to lift the super rate to 12 per cent, a figure it said would boost workers' retirement funds.

The government in April relaxed rules surrounding accessing super for people who lost their jobs or had hours reduced, with workers able to access $10,000 before July 1 and a further $10,000 until December.

ISA said a 30 year old who withdrew $10,000 could have up to $41,000 less at retirement.


Fruit picking plan to lower debt proves a divisive issue

Premium Content Fruit picking plan to lower debt proves a divisive issue

The plan has the backing of a Bowen mango grower but not everyone is convinced the...

Whitsunday housing market thrives despite pandemic

Premium Content Whitsunday housing market thrives despite pandemic

An independent property report has revealed promising signs for people looking to...

MP assaulted at NQ watering hole

Premium Content MP assaulted at NQ watering hole

MP Jason Costigan assaulted at Hotel Metropole in Proserpine