Mr Keating also backed Assistant Minister for Superannuation Jane Hume's concerns the economic crisis spurred on by the coronavirus outbreaks show a need for super funds with high concentration of members working in retail,tourism and hospitality to consolidate. He said her view was reasonable.
Restrictions imposed to limit the spread of COVID-19 have hit these industries particularly hard leading to lower super payments due to job losses and cut hours,and cash withdrawals of up to $20,000 for workers accessing their retirement funds early under expanded hardship provisions.