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.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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