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More than $31bn paid under early super release

The government’s early super release scheme shows no signs of slowing down, with almost 90,000 release applications received by super funds in the first week of August and more than $700 million in payments made.

The latest APRA statistics for the week to 9 August revealed that 88,000 applications were received by funds, with 44,000 being first-time applications and 44,000 repeat applications.

There have been 4 million applications since the start of the scheme, with 1.1 million of those being repeat applicants, APRA said.

The scheme has now paid out $31.1 billion, with an average payment size of $7,689.

A total of 139 of the 175 funds in APRA’s reporting scheme have made repeat payments to members, with the average size of repeat payments being $8,487.

The top 10 highest paying funds in the scheme — including AustralianSuper, Sunsuper and REST — have paid out $20.4 billion of total funds released in the scheme.

Sarah Kendell
18 August 2020
smsfadviser.com

24th-September-2020