News Corp’s Finance Writer Sophie Elsworth says the superannuation funds are “very angry” that Australians have been able to dip into their super.

“The super funds lap it up, they get us paying their fees every year,” Ms Elsworth told Sky News host Peta Credlin.

“They’re very upset when we’re dipping into it”.

It comes as Australians have reportedly withdrawn more than half a billion dollars from their retirement accounts in the past year, with the money being spent on compassionate grounds such as medical treatments including IVF, weight loss surgery and dentistry.

“I think it’s a sign of the times that a lot of people are under serious strain and super is a last resort and money that is theirs that they can access under compassionate grounds,” Ms Elsworth said.

The ongoing rise in withdrawals has led to major concerns from superannuation funds

This is on top of the billions of dollars Australians accessed as part of the government’s early access to super scheme which was implemented for those impacted by COVID-19.