Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

 

 

Retirement

Double-dipping sees early access to super top $33.3bn

  • September 23 2020
  • Share

Retirement

Double-dipping sees early access to super top $33.3bn

By Grace Ormsby
September 23 2020

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

Double-dipping sees early access to super top $33.3bn

author image
  • September 23 2020
  • Share

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

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published by the Australian Prudential Regulation Authority (APRA) revealed Australians have now collectively withdrawn $33.3 billion from the savings pools of super funds.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

Advertisement
Advertisement
Double-dipping sees early access to super top $33.3bn
Double-dipping sees early access to super top $33.3bn
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

About the author

author image

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.

About the author

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.

more on this topic

Listen
Watch
Read
Financial terms made easy

more on this topic

From the web

Recommended by Spike Native Network

More articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.