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Early super payments near $15bn

— 1 minute read

Almost two million payments have now been made under the early superannuation access scheme, with the total approaching $15 billion. 

APRA data published on Monday showed early super payments up to 7 June had totalled at $14.8 billion, with 1.98 million applications out of 2.12 million having been paid out. 

Over the week to 7 June, super funds made payments to 167,000 members, for a total value of $1.3 billion – the same amount that had been paid the week prior. 

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The average payment during the week was $7,475 with the funds retaining their 3.3 business day average to pay out applications. The data stated 95 per cent of applications were paid within five business days.

Most of the 177 funds (150 or 85 per cent) that submitted data since the scheme’s inception made early release payments. 

The ten funds with the highest number of applications received from the ATO have made 1.33 million payments worth a total of $9.76 billion. 

The average payment from the ten funds was $7,441.

 

Early super payments near $15bn
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

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