Ten superannuation funds have accounted for more than half of the hardship early release superannuation payments.
The Australian Prudential Regulation Authority (APRA) has confirmed that the 10 funds made 1.22 million payments worth a total of $8.96 billion, with the average payment from the funds amounting to $7,446.
According to the APRA data, the top 10 funds were AustralianSuper, HostPlus, REST, Sunsuper, Cbus, HESTA, AMP, MLC, BT Wrap and OnePath.
APRA said that over the week to 31 May, superannuation funds made payments to 177,000 members bringing the total number of payments to 1.8 million since inception, with the total value of the payments being $13.5 billion.
It said the average payment made over the period since inception was $7,473.