Early super payments top $30bn

The latest figures released on Monday show that $30.3 billion in payments had been made to members up to 2 August.

A further 103,000 payment applications were received in the week to 2 August, which were approximately evenly split between repeat applications and first applications.

Total payments of $1 billion were made to 129,000 members during the week.

Funds had paid out around 97 per cent of applications received, up from 96 per cent the week before. APRA commented that funds were beginning to get through the backlog of applications received since the beginning of the financial year.

In APRA's data collection program, 151 of the 175 funds made payments during the week to 2 August, indicating demand for early release was widespread across industries.

Around three million initial payment applications have now been received by super funds, as well as 1.1 million repeat applications.