APRA confirms early super surpasses Treasury $27bn limit

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But the total is set to surpass the initial $27 billion estimate Treasury made for how much would be withdrawn in the next APRA data set to come, as indicated by the accumulated applications.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.