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update on the Morrison Government’s early superannuation release policy, which reveals that another $1.2 billion was withdrawn from Australia’s superannuation pool, taking total withdrawals to $14.8 billion: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.
