Retirement
How to rebuild your super balance post-pandemic
Australians who accessed their superannuation early are being urged to kickstart rebuilding their balances as the economy recovers from its first recession in three decades.
How to rebuild your super balance post-pandemic
Australians who accessed their superannuation early are being urged to kickstart rebuilding their balances as the economy recovers from its first recession in three decades.
Research released by Colonial First State showed that a majority of Australians who withdrew their super through the early release scheme are yet to rebuild their balances.
Under the government’s temporary early access to super scheme, individuals and sole traders who had suffered financial hardship of at least 20 percent due to loss of work or hours were enabled access to up to $10,000 from their superannuation retirement savings in the 2019-20 financial year.
A second round of the scheme, from 1 July to 31 December, permitted people to apply to withdraw a further $10,000.
Colonial First State general manager Kelly Power said that while she supported the government granting access to superannuation, it is important that members replenish their funds.
“The early release scheme has been a vitally important initiative to help Australians deal with the pandemic and cover basic expenses, including those living overseas or unable to get back to Australia,” Ms Power said.
“For younger members in particular, now is the time to start making up some lost ground by using these contributions to rebuild their savings for the years ahead.”
Ms Power advised those who accessed the scheme that making small and regular contributions will have a long-term impact on retirement balances.
“If you withdrew $10,000 from your super, think about replenishing it outside of the super guarantee,” Ms Power said.
“Making additional contributions of just $20 a fortnight from your pre-tax income (salary sacrifice) can mean an additional $25,000 at retirement. Because it is pre-tax, this would only equate to a reduction of $13 from their after-tax income per fortnight.”
Ms Power also advised superannuation members to look into the tax concessions available to members who want to lift their superannuation balances.
“Spousal, after-tax and concessional contributions may deliver tax breaks or qualify you for government contributions and can help to grow yours and/or your partner’s nest egg,” she explained.
Finally, the general manager advised members looking to set an online reminder to check in with their superannuation balance.
“Similar to scheduling diary reminders for your work or social engagements, and for other bill payments such as credit card, rent or utilities, set yourself diary reminders to check in your super every month.
“Think of it as a ‘reality check’ of where you’re headed in your journey to a comfortable retirement,” Ms Power concluded.
RELATED ARTICLES
About the author
About the author
Superannuation
Rest posts healthy returns following a positive end to 2025
Rest, one of Australia's largest profit-to-member superannuation funds, has reported impressive returns in its flagship MySuper Growth investment option for the year 2025. The fund is optimistic about ...Read more
Superannuation
Rest marks milestone with first private equity co-investment exit
In a significant development for Rest, one of Australia’s largest profit-to-member superannuation funds, the organisation has announced the successful completion of its first private equity ...Read more
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Rest posts healthy returns following a positive end to 2025
Rest, one of Australia's largest profit-to-member superannuation funds, has reported impressive returns in its flagship MySuper Growth investment option for the year 2025. The fund is optimistic about ...Read more
Superannuation
Rest marks milestone with first private equity co-investment exit
In a significant development for Rest, one of Australia’s largest profit-to-member superannuation funds, the organisation has announced the successful completion of its first private equity ...Read more
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
