The latest statistics published by the Australian Prudential Regulation Authority (APRA) revealed Australians have now collectively withdrawn $33.3 billion from the savings pools of super funds.

All up, 3.2 million Australians have applied for early access to their super, with 98 per cent of them resulting in a payout. The 1.3 million repeat application figure highlights that more than 40 per cent of applicants to the scheme have double-dipped on their super.

The average payment made is $7,676.

While the ability to withdraw superannuation savings early twice was in-built into the scheme, meaning applicants could dip into their retirement savings over both the 2019-20 financial year and the 2020-21 financial year, it does suggest that many Australians are continuing to struggle through the COVID-19 pandemic, which is all the more concerning given the slashing of JobKeeper rates from next week.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.