Unions and federal Labor has called on the Federal Government to explain the full extent of the theft from superannuation accounts of Australians and a full review of the scheme as federal police investigate up to 150 fraudulent withdrawals.  More than 1 million Australians have sought to withdraw nearly $10 billion from their retirement savings with workers made redundant being allowed to withdraw up to $10,000 from their super before June 30, and another $10,000 after 1 July.

Potential fraud of the scheme was uncovered at the end of April by financial crimes regulator AUSTRAC, a Senate inquiry heard.  The ATO's security measures had “helped detect a small amount of fraudulent activity associated with the program”, Tax Commissioner Chris Jordan told MPs.  "I would really wish to emphasise that people do keep personal information secure and private," he said.

The ACTU slammed the Federal Government stating it had frozen early access to super after it facilitated the theft of up to 150 workers’ superannuation.

ACTU Assistant Secretary Scott Connolly said “when this scheme was announced, experts and funds warned that it was a ripe target for fraud and theft, but the Government wrongfully dismissed these concerns.

“The Government must immediately reimburse the funds stolen from workers’ accounts under its blessing.

“The failure of this scheme so quickly is proof that JobKeeper should be extended to every worker in Australia.”