More than $3.8 billion has been drained from retirement savings of West Australians

Almost 70,000 West Australians have effectively wiped out their super balances as the state’s workers have withdrawn $3.8 billion from their retirement nest eggs, sparking fears future pension costs will soar.

New Industry Super Australia analysis estimates West Australians have made more than 498,000 applications via the early release of super scheme, withdrawing on average $7,948 per application – the nation’s highest.

About 24% of the state’s workforce have raided their retirement early, placing it third behind Queensland 30% and the Northern Territory 28% – overall 23% of Australia’s workers have accessed super early.

The top three federal electorates by withdrawals were Durack $296.9 million, Perth $289.4 million and Swan $286.1 million.

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