Early superannuation release smashes industry funds

The Australian Prudential Regulatory Authority (APRA) has updated its data on the Morrison Government’s early release of superannuation policy, which reveals that just under $9 billion of payments have been made on nearly 1.2 million applications at an average payment of $7,242:

Looking deeper into the data, we see that industry superannuation funds have dominated withdrawals, comprising all of the top five funds. These five funds alone account for half of total early release applications and withdrawals.

As shown in the next charts, industry fund AustralianSuper has suffered the biggest withdrawals, followed by HostPlus, Sunsuper, REST and CBUS:

Industry superannuation funds’ member bases have been especially hard hit by the COVID-19 shutdown, with areas like Accommodation & Food Services and Arts & Recreation suffering the heaviest job losses:

Thus, it makes sense that industry funds are suffering the greatest superannuation withdrawals.

Unconventional Economist
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  1. Is government now going to implement policy to ensure those people are no worse off in retirement ? It’s going to supplement their lower super balance with increased pension payments, I assume ? Terrific.

  2. Often there are great insights on MB and then every now and again there’s drivel like this. Smashed? Let’s take Aust Super, a fund with $150b in assets and cash inflows in FY19 of $16b. The covid impact is a withdrawal of $1.1b. Big effing deal, it’s about a month of inflows. There have been similar articles about panic selling at HostPlus, also complete nonsense. Sure the super funds fought the release program, and it’s obviously against their self interest, it doesn’t mean it’s crippling them.

    • Spot on Peter.
      Also, we never hear about the incredible operational performance of these funds to ramp up their ability to make thousands more payments than they were expecting, all of it in record time.
      I note also that many of the average performers on APRAs league table are not industry funds.
      I’d love to know why LvO has decided that industry funds should ‘burn’. What’s his agenda?

  3. @Peter, Jad & TT
    LVO seems to have only informed us all as to what has happened wrt who is withdrawing what from where. Don’t think he said burn baby burn? Yeah OK his clickbait headline was a bit OCD over the top, but woa it’s journalism! Basically it is what has happened. All the stood down, insecure, reduced hours or casual workers who have minimal savings are members of Industry Funds & so have taken their money out as soon as they were allowed to. What would you expect LVO to be telling us?