As part of the response to COVID-19, the Government reduced the required minimum superannuation income stream drawdowns required by 50%.
For example, for members under 65 the required withdrawal was reduced from 4.0% to 2.0% of their account balance) This applied for the 2020, 2021, 2022 and 2023 income years.
From 1 July 2023 the 50% reduction will no longer apply, and super fund members will need to calculate the minimum withdrawal required based on the standard rate.