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.
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 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.
I’m surprised Cbus didnt ” encourage ” the early release applicants to make a donation to the CFMEU !!
And the regulator estimated over $27 Billion would be withdrawn, so we are miles under that at the moment. Look on the bright side. This Covid19 early access arrangement has been the most successful scheme ever to “re-engage members with their super”. So it has been a roaring success – unless you happen to be an insto/Union Fund that secretly doesn’t want members re-engaging with their super after all.
Estimated $27 Billion total, we’re at $18.1 Billion at the halfway mark. All those people who haven’t drained their account already will go again for another $10k now.