Early Release of Super (ERS) Update
/This is the latest information on the government’s Early Release of Super (ERS) scheme, up to 30 August 2020.
So far:
$32.6 billion has been paid out by superannuation funds
The average payment is $7,680
Payments take 3.3 business days on average once the application is received by the Australian Tax Office (ATO)
Ninety-five per cent of applications are paid within five business days
There have been 3.1 million initial applications received, with $7,402 as the average application amount (some from multiple accounts)
There have been 1.2 repeat applications received, with $8,439 as the average application amount
98 per cent of applications have been paid with 0.9 per cent in process
APRA has received data from 175 funds
Over the week to August 30:
Out of 52,000 applications, 31,000 were initial applications and 21,000 repeat
Superannuation funds made 51,000 payments