POWERED BY MOMENTUM MEDIA
Early super applicants exceeded expectations: APRA
The number of members accessing their superannuation early has been higher than what the Australian Prudential Regulation Authority (APRA) had expected.
In a session with the Senate Select Committee, APRA deputy chair Helen Rowell said the number of members accessing super was higher than expected but that the amount of dollars drawn down had been “in line with initial assumptions”.
As at 17 May, over 1.59 million applications had been received from members looking to access their super and 1.41 million of these had been paid. So far, some $10.6 billion had been paid out with an average member payment of $7,510.
APRA said while there had been a high volume of applicants at the start of the scheme, these had steadied out and were now around 200,000 per week.
Rowell said she expected to see an uptick towards the end of the scheme on 30 June, 2020 and a second one at the start of the next tranche.
APRA said it was monitoring factors such as the impact of the early access system on liquidity, levels of payments and number of applicants.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
