Early release of super scheme hits $35.9b

In the week prior to the early release of superannuation scheme ending 21,000 super members applied for the scheme, according to Australian Prudential Regulation Authority (APRA) data. 

Of those applications, 69% were initial applications and 31% were repeat applications, in the week to 20 December, 2020. 

This brought total payments made by super funds at $35.9 billion since the inception of the scheme, with initial applications from 3.4 million members, and repeat applications from 1.4 million members. 

Related News:

The average initial application payment was at $7,400 and $8,284 for repeat applications. 

APRA noted that as at 20 December, 2020, 98% of applications received since the start of the scheme had been paid. 

“Among all funds that made payments, 97 (64%) completed more than 90% of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8%), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the Australian Taxation Office [ATO],” APRA said. 

“The 10 funds with the highest number of applications received from the ATO have made 3.1 million payments worth a total of $23.6 billion. The average payment from these funds was $7,575 with 96% of payments made within five days.” 

Recommended for you




The ATO should examine every one of these last minute ERS payments to see how many were incorrectly applied for and paid as a result of Tim Wilson encouraging people to use the scheme for a house deposit.

And then what, burn them for all to see? Seriously, glad your not in charge.

But Wilson will not stop until he brings back serfdom.

Add new comment