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But the total is set to surpass the initial $27 billion estimate Treasury made for how much would be withdrawn in the next APRA data set to come, as indicated by the accumulated applications.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 Government should follow America’s lead and allow those adversely affected by the coronavirus crisis to access up to $100K. That will give a massive boost to the economy and wipe out industry funds. They are a scourge on the financial services sector. They have corrupted financial advice regulation, they have been loose with the truth around returns and asset allocations and they are so deeply in bed with the unions and the ALP that they are distorting politics in this country. Here is your chance Coalition. As they say – ‘never waste a crisis’!
I have heard anybody who has taken partia withdrawals on there superannuation and may be looking for a home loan the banks are knocking them back because there s aying these people don’t meet there criteria for a Loan has anybody heard this
I have come across this, the main issue from this person was most of the deposit had come from the 2 x super withdrawals. The saving history wasnt really savings.
Makes sense given the idea of this access was meant to be a last resort so you can keep food on the table and a roof over your head. Within the time frame of a couple of months if you have taken money out of super for genuine covid reasons and now you want a loan. This would have to scream red flag for a bank.
One wonders if it would have been this high if the unions hadn’t conducted such a big PR campaign against it, which actually ended up raising awareness of the opportunity.
This proves the government has underestimated the common man’s desire to lie for money and or buy jetskis/online gamble.
Let us access our full balances – that will fix the economy in no time…