Demand for early release superannuation appears to have levelled off following the upsurge which accompanied the opening up of the Government’s second tranche on 1 July, but repeat applications are still significantly outstripping first time requests.
The latest data released by the Australian Prudential Regulation Authority (APRA) has revealed that over the week to 26 July, superannuation funds paid $1.4 billion, bringing to $29.4 billion the amount paid under the scheme since inception.
It said the average payment made over the period since inception was $7,705, but that this rose to $8,547 when repeat applications were viewed in isolation.
The APRA data said that in the week to 26 July, 140,000 applications were received by funds of which 59,000 were initial applications and 81,000 were repeat applications.
It said that since inception the total number of initial applications was 2.9 million and the total number of repeat applications was one million.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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