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Retirement

Early super payments slow to under $200m

By Sarah Kendell
  • October 20 2020
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Retirement

Early super payments slow to under $200m

By Sarah Kendell
October 20 2020

Less than $200 million was paid out of the super system in the second week of October, as the popularity of the government’s early release scheme looks to be slowing further following the release of better than expected jobs data last week.

Early super payments slow to under $200m

Early super payments slow to under $200m

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By Sarah Kendell
  • October 20 2020
  • Share

Less than $200 million was paid out of the super system in the second week of October, as the popularity of the government’s early release scheme looks to be slowing further following the release of better than expected jobs data last week.

Early super payments slow to under $200m

According to the latest APRA statistics, super funds made approximately $199 million worth of payments to members in the week to 11 October, meaning the total paid out since the inception of the early release scheme rose to $34.3 billion.

Funds made payments to 28,000 members over the course of the week, according to the regulator.

At the same time, funds received 26,000 applications in the week to 11 October, of which 16,000 were initial applications and 9,000 were repeat applications.

Approximately 1.3 million people have now applied for both early release payments, while 3.3 million have applied for just one payment from their super.

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The data follows a trend of slowing release numbers, with $241 million paid out of the super system the previous week, down significantly from $400 million to $500 million a week two months ago.

It also follows the announcement of a slightly lower than expected national unemployment rate last week, with unemployment rising to 6.9 per cent, below the forecast rate of 7 per cent.

Early super payments slow to under $200m
Early super payments slow to under $200m
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