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APRA tips early super to surge

— 1 minute read

The prudential watchdog has signalled that funds should brace themselves for high volumes of early super applications in the second tranche of the scheme during early July, with payouts now topping $18 billion.

The latest APRA data released on the scheme on Monday revealed that as of 28 June, around 2.5 million applications have been lodged for the early super release scheme since it began.

People had applied for a total amount of $19 billion, with $18.1 billion having been paid out by funds.

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The average payment was $7,503.

The 10 funds with the highest number of applications received from the ATO have made 1.61 million payments worth $11.87 billion – 65 per cent of the total accumulated by all funds.  

The average payment for the top 10 was $7,390. 

AustralianSuper topped the payments, having distributed $2.4 billion across 324,666 claims, while Sunsuper followed with $1.7 billion for 252,312 applications.

REST was the third top fund, having paid $1.6 billion across 231,534 claims.

APRA noted that applications are expected to surge in early July, which may impact the processing times for payments. 

Up to 28 June, funds on average took 3.3 business days to pay applications, with 95 per cent being paid within five business days.

 

APRA tips early super to surge
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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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