Aussie supers weigh asset changes as withdrawals rise

Retirement funds in Australia are having to assess changes to their asset allocations as goverment-mandated early withdrawals and a drop in contributions raise the possibility of funding shortfalls. As many as two million scheme members in Australia could withdraw funds from their superannuation fund under the government’s hardship provisions, which were enacted in late April. In the first week alone there were 162,879 withdrawal applications totalling A$1.3 billion (A$834 million…