The average superannuation member fund that used the early access to super scheme twice has taken out $15,854, according Australian Prudential Regulation Authority (APRA) data.
APRA data found the average initial application amount was $7,402 and the average repeat application was $8,452.
APRA data has showed that applications for the hardship scheme has tapered off with 59,000 applications over the week to 23 August, a drop from 70,000 the previous week.
Over the week, 35,000 were initial applications and 24,000 were repeat applications. This has brought the total number of initial applications to 3.1 million and repeat applications to 1.2 million since the start of the scheme.
The total amount paid is now at a total of $32.2 billion with 10 funds accounting for $21.2 billion.
The top 10 funds that had paid out the most were AustralianSuper ($4.48 billion), Sunsuper (3.26 billion), REST (2.96 billion), Hostplus ($2.8 billion), Cbus ($2.06 billion), HESTA ($1.6 billion), Retirement Wrap ($1.5 billion), MLC Super Fund ($1.91 billion), and Retirement Portfolio Services ($983.6 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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