Government should adopt a scheme where it gives people early access to their retirement savings to cushion financial hardship caused by the coronavirus pandemic
Deadlines on debt repayments by banks should also be extended where sudden unpaid leave or sources of income compromised by Covid-19 negatively impacted personal liquidity.
“As Bloomberg reports, the Australian government is moving to give people early access to their retirement savings to cushion financial hardship,” the report said. On extensions on debt repayments, the IRR said grace periods should be allowed for individuals and firms facing potential bankruptcy, especially industries vulnerable to travel restrictions, such as civil aviation, tourism, hospitality and manufacturing.
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