Industry funds hit with $7.7b of early superannuation withdrawals

The Australian Prudential Regulatory Authority (APRA) has released its weekly update on the Morrison Government’s early superannuation release policy, which reveals that another $1.2 billion was withdrawn from Australia’s superannuation pool, taking total withdrawals to $14.8 billion:

As shown above, nearly 2 million applications for early release have been paid averaging $7,475 per withdrawal.

Looking at the breakdown, you can see that industry funds comprised the top six for withdrawals, accounting for just over half ($7.7 billion) of total early redemptions:

Under the Morrison Government’s early superannuation release policy, superannuants are permitted to withdraw an additional $10,000 from their funds from 1 July.

Thus, industry funds should expect to see further heavy superannuation withdrawals.

Unconventional Economist
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Comments

  1. Pfh007.MEMBER

    No doubt we can rely on the Coalition to introduce an improved form of retirement income for low income earners once they have achieved the goal of the private super fund lobbyists and dismantled the not for profit sector.