Funds pay out almost 4 million release applications

According to APRA’s early release figures for the week to 19 July, super funds have processed 3.9 million applications for early release, one million of which had applied for both the first and second tranche of release payments.

Super funds had now paid out $28 billion since the start of the scheme, surpassing Treasury’s initial estimates of $27 billion.

Funds were taking an average of 3.3 business days to make payments to members, with 98.5 per cent of payments made in five business days since the scheme’s inception. APRA said 1.2 per cent of funds were taking nine business days or more to make payments to members.

Funds received over 200,000 applications for early release in the week to 19 July, with the vast majority of these being repeat applications. Among those who had made repeat applications, the average payment being made was $8619.

Australian Super, Sunsuper and Hostplus were the top three payers of both initial and repeat applications since the scheme had commenced.

140 of the 176 funds reporting data to APRA recorded repeat applications across the 2020 and 2021 financial years.

The total value of payments made during the week to 19 July was $2.7 billion.