Early super payments surge above $30bn
APRA’s latest early release figures reveal super funds have now paid out over $30 billion to members across more than 4 million payment applications.
The latest figures released on Monday show that $30.3 billion in payments had been made to members up to 2 August.
A further 103,000 payment applications were received in the week to 2 August which were approximately evenly split between repeat applications and first applications.
Total payments of $1 billion were made to 129,000 members during the week.
Funds had paid out around 97 per cent of applications received, up from 96 per cent the week before.
APRA commented that funds were beginning to get through the backlog of applications received since the beginning of the financial year.
151 of the 175 funds in APRA’s data collection program had made payments during the week to 2 August, indicating demand for early release was widespread across industries.
Around 3 million initial payment applications had now been received by super funds as well as 1.1 million repeat applications.