Demand for early release superannuation appears to have levelled off following the upsurge which accompanied the opening up of the Government’s second tranche on 1 July, but repeat applications are still significantly outstripping first time requests.
The latest data released by the Australian Prudential Regulation Authority (APRA) has revealed that over the week to 26 July, superannuation funds paid $1.4 billion, bringing to $29.4 billion the amount paid under the scheme since inception.
It said the average payment made over the period since inception was $7,705, but that this rose to $8,547 when repeat applications were viewed in isolation.
The APRA data said that in the week to 26 July, 140,000 applications were received by funds of which 59,000 were initial applications and 81,000 were repeat applications.
It said that since inception the total number of initial applications was 2.9 million and the total number of repeat applications was one million.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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