Early super payouts near $16bn

According to the latest APRA data, 2.3 million ATO-approved applications have now been received by the funds, for a total of $16.9 billion.

The funds have paid out 2.1 million of the claims.

The average payment was $7,468.

Over the week to 14 June, the funds made payments totalling $1.3 billion to 148,000 members.

The 10 funds with the highest number of applications received from the ATO have made 1.42 million payments, worth a total of $10.46 billion – covering 65 per cent of the amount claimed under the scheme.

AustralianSuper topped the payouts, having paid 284,985 claims totalling $2.1 billion. Sunsuper followed, with 226,189 payments completed for a total of $1.5 billion and Hostplus paid $1.4 billion across 212,972 claims.

REST had paid out $1.4 billion, Cbus had given $907.3 million, HESTA $758.3 million, BT Funds’ Retirement Wrap $743.7 million, MLC Super Fund $557.2 million, OnePath’s Retirement Portfolio Service $497.4 million and Colonial First State Investments’ Commonwealth Essential Super $358.7 million.

The average payment from the 10 funds was $7,372, with more than 96 per cent of the payments made within five days.

Across the sector, the funds have taken 3.3 business days to pay out the applications on average, with 95 per cent of the applications being paid within five working days.