Australia's pensions industry in urgent talks on coronavirus crisis changes

Prime Minister Scott Morrison and Treasurer Josh Frydenberg on Sunday revealed a A$66 billion fiscal stimulus package including measures allowing workers to take up to A$20,000 out of their superannuation savings over the next two years in response to the impact of the coronavirus crisis.

HONG KONG/SYDNEY: Australia's A$3 trillion ($1.72 trillion) pension industry was not consulted on the federal government's decision to allow the unemployed and sole traders early access to retirement savings and is now in urgent talks about the move, sources said.

Prime Minister Scott Morrison and Treasurer Josh Frydenberg on Sunday revealed a A$66 billion fiscal stimulus package including measures allowing workers to take up to A$20,000 out of their superannuation savings over the next two years in response to the impact of the coronavirus crisis.