Early release uptake slows

Uptake in the early release of superannuation scheme has slowed for both initial applications and repeat applications, according to Australian Prudential Regulation Authority data. 

During the week to 2 August, 2020, 103,000 early release applications were received, compared to 140,000 the week before.  

Initial applications accounted for 48,000 (compared to 59,000) and repeat applications accounted for 55,000 (compared to 81,000).  

The funds with the largest repeat applications were AustralianSuper (148,388), Sunsuper (121,244), REST (96,852), Hostplus (88,650), and Cbus (71,585). 

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Since the scheme began in April, to help people in financial distress due to the COVID-19 pandemic, the total number of initial applications stands at three million, and 1.1 million repeat applications. 

The total value of payments during the week was $1 billion, with $30.3 billion paid since inception.  

The average payment made over the period since inception is $7,695 overall and $8,511 when considering repeat applications only. 

APRA noted that 97% of applications received since inception had been paid, up 1% from the previous week. 

The 10 funds with the highest number of applications received had made 2.6 million payments worth $19.9 billion.