In its latest data on the COVID-19 Superannuation Early Release Scheme, APRA stated that over the week to 25 October, 24,000 applications were received by funds, of which 16,000 were initial applications and 8,000 were repeat applications.
Since the inception of the scheme on 24 April this year, there have been 3.3 million initial applications made in total and 1.3 million in repeat applications.
A total of $34.6 billion has been paid by super funds since the start of the scheme, with average payment made over the period since inception sitting at $7,660 overall and $8,346 and $8,346 for repeat applications only.
Back in September, the ATO stated there had only been around 35,000 applications made by 19,000 SMSFs for the early release of nearly $341 million.
This only confirms to me that most employees, given a choice, would prefer to receive in extra wages to spend as they like now because they need it now not in 50 years. Were it not for unions’ the individuals would probably look at retirement accumulation much later regardless of the fact that the end pot will be much lower. It is called individual choice something that unions don’t like.