1 million repeat early access to super applications

There have been one million repeat early access to superannuation scheme applications, according to the Australian Prudential and Regulation Authority (APRA).

Over the week to 19 July, 2020, 163,000 were repeat applications and 56,000 were initial applications.

Since the inception of the scheme in late April 2020 to 19 July, the total number of repeat applications was one million and 2.9 million for initial applications.

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During the week, 349,000 payments were made for a total value of $2.7 billion. Since inception there had been 3.6 million payments for a total value of $28 billion.

The APRA data also found the average payment made over the period since inception was $7,719 overall and $8,619 when considering repeat applications only.

“As at 19 July, 2020, 94% of applications received since inception had been paid. This is an increase from the previous week (90%) as funds continue to process the large volume of applications received in early July,” it said.

APRA noted payments made to eligible members took an average of 3.3 business days after receipt by funds of the application form the Australian Tax Office (ATO), and 98.5% had been made within five business days.

“The 10 funds with the highest number of applications received from the ATO have made 2.4 million payments worth a total of $18.3 billion,” APRA said.

“The average payment from these funds was $7,645, with 96 per cent of payments made within five days.”

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