Early release slows to $500m per week

The latest APRA data revealed that super funds made $570 million worth of payments to 75,000 members in the third week of August.

The regulator said that 59,000 applications had been received in the week to 23 August, 35,000 of which were new applications while 24,000 were repeat applications.

A total of 4.2 million applications had been made since the start of the scheme, with 1.2 million of these being repeat applications.

Payments continued to be evenly spread across different funds, with 151 of the 175 funds submitting data to APRA having made a payment in the week to 23 August.

APRA said 68 per cent of funds were making 90 per cent or more of their payments within the five business day deadline, and that 98.2 per cent of all payments were being made within nine business days.

Payments made across all super funds since the inception of the scheme now totalled $32.2 billion, according to the data, with Australian Super, Sunsuper and REST having paid the highest amounts of money out to members.