The latest APRA statistics for the week to 9 August revealed that 88,000 applications were received by funds, with 44,000 being first-time applications and 44,000 repeat applications.
There have been 4 million applications since the start of the scheme, with 1.1 million of those being repeat applicants, APRA said.
The scheme has now paid out $31.1 billion, with an average payment size of $7,689.
A total of 139 of the 175 funds in APRA’s reporting scheme have made repeat payments to members, with the average size of repeat payments being $8,487.
The top 10 highest paying funds in the scheme, including Australian Super, Sunsuper and REST, have paid out $20.4 billion of total funds released in the scheme.
Australians have woken up to the fact that super is a compulsory union fee for most people. They would rather have the money in their hands to spend/save as they wish, than give it to the unions.