Retirement
Double-dipping sees early access to super top $33.3bn
More than 1.3 million Australians have applied for early access to their super for a second time.
Double-dipping sees early access to super top $33.3bn
More than 1.3 million Australians have applied for early access to their super for a second time.
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published by the Australian Prudential Regulation Authority (APRA) revealed Australians have now collectively withdrawn $33.3 billion from the savings pools of super funds.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.
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