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The superannuation plan that could strengthen the economy during the coronavirus crisis

The former president of the Business Council of Australia says workers should be given the option to have their super paid out to them while Australia struggles with coronavirus.

Former BCA President Tony Shepherd tells Deborah Knight allowing workers to temporarily get their super in cash could save the economy.

“People can either put that money into their super account or they can take it in cash as wages and salaries for a six month period.

“This would mean that they’d have a 9.5 per cent in their wages or salaries immediately.

“And that could put, theoretically, $50 billion back into the economy.

“The superannuation industry probably will go against it, it might impact on their liquidity, but the government can look after that because it’s only a temporary arrangement.”

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Image: Getty/David Paul Morris