More than $31bn paid under early super release
The government’s early super release scheme shows no signs of slowing down, with almost 90,000 release applications received by super funds in the first week of August and more than $700 million in payments made.
The latest APRA statistics for the week to 9 August revealed that 88,000 applications were received by funds, with 44,000 being first-time applications and 44,000 repeat applications.
There have been 4 million applications since the start of the scheme, with 1.1 million of those being repeat applicants, APRA said.
The scheme has now paid out $31.1 billion, with an average payment size of $7,689.
A total of 139 of the 175 funds in APRA’s reporting scheme have made repeat payments to members, with the average size of repeat payments being $8,487.
The top 10 highest paying funds in the scheme — including AustralianSuper, Sunsuper and REST — have paid out $20.4 billion of total funds released in the scheme.
Sarah Kendell
18 August 2020
smsfadviser.com
Latest eNewsletters
Hot Issues
- Super versus trusts: What is the best option with Div 296?
- Thinking of establishing an SMSF? Don’t skip reading the rules
- Investment and economic outlook, February 2026
- Coercive control in SMSF becoming a hot issue
- Are downsizer contributions losing steam?
- What to look for when choosing a financial adviser
- AI use needed with proper safeguards
- Most Reliable Car Brands in 2026
- ASIC targeting high-pressure sales and inappropriate advice
- Investment and economic outlook, January 2026
- Australians not underspending their super
- Five financial steps for the new year
- ASIC warns investors on pump and dump scammers
- Don’t confuse contribution with roll-over when using proceeds from small business sale
- Missed SG exemption may not be problem
- Rare and vanishing: Animals That May Go Extinct Soon
- It’s super hump month. Make the most of it
- Three timeless investing lessons from Warren Buffett
- 2026 outlook: Economic upside, stock market downside
- Care needed with ceased legacy pensions
- What had the biggest impact on the sector in 2025?
- What does 2026 look like in the SMSF sector?
- It’s not just Div 296 that could face changes in 2026
- Which country produces the most electricity annually?
- AI exuberance: Economic upside, stock market downside
- Becoming a member of an SMSF is easy, but there are other things that need to be considered
- Investment and economic outlook, November 2025
