The superannuation funds have received approved applications for $28 billion under the early release scheme, blowing past the initial government estimate for how much would be redeemed.
The APRA data released on Monday, showed $25.3 billion had been paid out by the funds to 12 July.
But the total is set to surpass the initial $27 billion estimate Treasury made for how much would be withdrawn in the next APRA data set to come, as indicated by the accumulated applications.
During the week to 12 July, super funds made payments totalling $6.2 billion to 734,000 members, bringing the total number of payments to around 3.3 million since the early raid commenced.
Close to 1 million applications (800,000) were from people doubling back for a repeat withdrawal in the second tranche of the scheme, with their average application amount being $8,755.
In contrast, 2.8 million applications have been made for initial withdrawals since the scheme began, with the average payment being $7,434.
The average payment since the scheme’s inception was $7,718.
All of the funds had taken 3.2 business days on average to make the payments, with 96 per cent of the applications being paid within five business days.
The top 10 funds with the highest number of applications received from the ATO have made 2.2 million payments worth a total of $16.5 billion.
The average payment from the 10 funds was $7,641, with 97 per cent of payments made within five days.
The shadow treasurer says advisers can’t be blamed for the high cost of advice as they struggle with increased levies ...
The advice network says it has upgraded its expectation for cost savings to $4 million as a result of Diverger’s ...
Single adviser-led firms continue to expand their footprint in the Australian advice ecosystem, Adviser Ratings research ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin