Early Release of Super (ERS) Update
/The Australian Prudential Regulation Authority (APRA) has processed the information relating to applications for early release of superannuation for the period ended 23 August 2020 from 175 super funds.
Key facts and figures include:
Since inception on 20 April to 23 August, payments are taking an average of 3.3 business days after receipt of the application by the fund by the Australian Tax Office (ATO)
Ninety-five per cent of payments have been made within five business days
The week to 23 August saw 59,000 applications received, with 35,000 initial applications and 24,000 repeat applications - a total of 3.1 million initial applications and 1.2 repeat applications
Over the week to 23 August, super funds made payments to 75,000 members - 4.3 million payments in total
The total value of payments over the week was $0.57 billion - $32.2 billion paid out since inception
The average payment made since inception is $7,683 and when considering repeat applications only, $8,452
Ninety-eight per cent of applications received since inception have been paid
Of the funds that submitted data, 151 made payments and 140 made repeat payments
(Forty funds have their data published as a group to protect the privacy of individual members)
Out of all funds that made payments, 103 completed over 90 per cent of payments within five business days
