Repeat applicants driving early super surge

APRA’s latest figures as at 26 July showed $29.4 billion had been paid out by super funds, with an average payment of $7,705 per member. 

A total of $19.3 billion of these payments had come from the top 10 biggest paying funds, including industry funds Australian Super, Sunsuper and REST.

In the week to 26 July, the prudential regulator said funds had received around 140,000 applications, 81,000 of which were repeat applications.

Repeat applicants were also withdrawing more money, with an average payment of $8,547.

Around 1 million fund members had applied for a second early release payment so far.

Funds paid out $1.4 billion in the week to 26 July, APRA said.

The news comes following comments from Treasury last week that it now expected $42 billion to be withdrawn from the super system as consumers continue to experience financial stress fuelled by the COVID-19 crisis.