Data released by the Australian Prudential Regulation Authority this week indicates that as of 28 June, around 2.5 million applications have been lodged for the early super release scheme since it began.
People had applied for a total amount of $19 billion, with $18.1 billion having been paid out by funds.
In just the week until 28 June, superannuation funds paid out $1.2 billion in payments to 129,000 members.
APRA stated that high volumes of applications are expected for the start of the second trance of the COVID-19 Early Release Scheme in early July.
“This may impact the processing time for payments being made by funds,” the regulator said.
