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Early super release figures near government’s $27bn limit

Adrian Flores
Adrian Flores
20 July 2020 1 minute readShare

APRA has reported that $25.3 billion has been paid out through the early release of super scheme up to mid-July, with this figure shortly expected to exceed the government’s predicted $27 billion limit. 

Reporting data for the period ended 12 July, the prudential regulator said the total value of payments during the week was $6.2 billion, the average payment made over the period since inception on 20 April is $7,718 overall and $8,755 when considering repeat applications only.

Over the period from inception, APRA said payments made to eligible members have taken an average of 3.2 business days after receipt by funds of the application from the Australian Taxation Office and 96.2 per cent have been made within five business days.

It said over the week to 12 July, 581,000 applications were received by funds, of which 109,000 were initial applications and 472,000 were repeat applications, bringing the total number of initial applications to 2.8 million and repeat applications to 0.8 million since the inception of the scheme.

Further, over the week to 12 July, APRA said superannuation funds made payments to 734,000 members, bringing the total number of payments by funds to their members to approximately 3.3 million since inception.

“As at 12 July 2020, 90 per cent of applications received since inception had been paid. This is up from the previous week (83 per cent) but down from a fortnight earlier (95 per cent) as funds continue to process the large number of new applications received at the start of this financial year,” APRA said.

APRA said early release data submissions for the period ended 12 July 2020 were from 176 funds. It said funds have submitted on a best endeavours basis.

Early super release figures near government’s $27bn limit
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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