The latest data released by APRA for the Superannuation Early Release Scheme indicates that from inception to 29 November 2020, there has been 3.4 million initial applications and 1.4 million repeat applications. This represents a 200,000 increase in applications since 1 November.
A total of $35.5 billion has been paid by superannuation funds to applicants since the start of the scheme.
The average amount withdrawn by members has remained steady for initial applications during November at $7,400. The average amount for repeat applications fell slightly from $8,336 to $8,305.
During the last week of November, superannuation funds made payments to 21,000 members at a total value of $150 million.
As of 29 November 2020, 98 per cent of applications received since inception had been paid.
What percentage of the total superannuation system has been aid out – let me guess, less than 1%?