Early super release continues to flatten

The latest APRA statistics revealed that $380 million was paid out to 51,000 members in the week to 30 August, bringing the total withdrawn from the super system so far to $32.6 billion.

Including applications received that had not been paid yet, this number increased to $33.5 billion.

The regulator said 52,000 applications were received over the week to 30 August, of which 31,000 were initial applications and 21,000 were repeat applications.

APRA data indicated that after a spike at the end of July as funds processed a backlog of payments for the new financial year, applications had begun to level off through August.

About 4.2 million applications had been made since the start of the scheme, 1.2 million of which were repeat applications.

APRA said 140 of the 175 funds in the reporting scheme had reported repeat applications over the course of the early release scheme.

Approximately 68 per cent of funds were completing 90 per cent of payments within the five-day timeline requested by the ATO, while around 98 per cent of payments were being completed within nine business days.

The average payment being made to members was $7,680, APRA said.