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No slackening in momentum of early release super
On the eve of a new financial year after which hard-pressed superannuation fund members will be able to request access to a further $10,000 from their superannuation balances, the latest Australian Prudential Regulation Authority (APRA) has pointed to hardly any slackening in early access demand.
The latest APRA data has revealed that over the week to 21 June, superannuation funds made payments to 154,000 members, bringing the total number of payments to approximately 2.3 million since inception.
It said the total value of payments during the week was $1.2 billion, with $17.1 billion paid since inception. The average payment made over the period since inception is $7,492.
The APRA data confirms that over the duration of the first round of early release, there was hardly any slackening in demand and with a further week to go of the 2019/20 financial year the total draw-down in early release superannuation could reach just under $18 billion.
The 10 funds with the highest number of applications received from the Australian Taxation Office (ATO) have made 1.52 million payments worth a total of $11.21 billion. The average payment from these funds was $7,380, with over 95%of payments made within five days.
Under the terms of the Government’s hardship early superannuation release program, superannuation fund members are entitled to apply for the release of a further $10,000 as of 1 July.
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