Superannuation benefit payments for the year to June 2020 increased 31.2% than the previous year due to the early release of super scheme, leading to a decline of 0.6% of total super assets, according to data.
Australian Prudential Regulation Authority (APRA) data found total super assets in June 2020 stood at $2.86 trillion, compared to $2.88 trillion in June 2019.
APRA-regulated assets dropped 0.2% to $1.92 trillion, of which MySuper products dropped 3.3% to $731.3 billion.
“Quarterly benefit payments were $37.4 billion, significantly higher than the March 2020 quarter ($21.1 billion) and the June 2019 quarter ($20.5 billion) due to payments made under the Early Release Scheme which came into effect on 20 April 2020,” APRA said.
“Amounts transferred to the Australian Tax Office as inactive low balance accounts are also counted in the June 2020 benefit payments figure. Benefit payments for the year to June 2020 were 31.2% higher than to June 2019.”
APRA said key statistics for entities with more than four members for the year ended 30 June 2020:
Total benefit payments