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Early super payouts climb to $15.9bn

APRA
Sarah Simpkins
22 June 2020 — 1 minute read

Superannuation funds have now paid out more than 2 million claims under the early superannuation release scheme, with the total reaching $15.9 billion.

According to the latest APRA data, 2.3 million ATO-approved applications have now been received by the funds, for a total of $16.9 billion.

The funds have paid out 2.1 million of the claims. The average payment was $7,468.

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Over the week to 14 June, superannuation funds made payments totalling $1.3 billion to 148,000 members.

The 10 funds with the highest number of applications received from the ATO have made 1.42 million payments, worth a total of $10.46 billion — covering 65 per cent of the amount claimed under the scheme.

The average payment from the 10 funds was $7,372, with more than 96 per cent of the payments made within five days.

Across the sector, the funds have taken 3.3 business days to pay out the applications on average, with 95 per cent of the applications being paid within five working days.

Early super payouts climb to $15.9bn
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