The number of people seeking early release superannuation in just one week has broken through the half a million mark.
The latest data from the Australian Prudential Regulation Authority has revealed that 581,000 applications were received for early release of which 472,000 were repeat applications.
It said this brought the total number of initial applications to 2.8 million and repeat applications to 0.8 million since the inception of the scheme.
“Over the week to 12 July, superannuation funds made payments to 734,000 members, bringing the total number of payments by funds to their members to approximately 3.3 million since inception,” it said.
“The total value of payments during the week was $6.2 billion, with $25.3 billion paid since inception. The average payment made over the period since inception is $7,718 overall and $8,755 when considering repeat applications only.”
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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