The Australian Prudential Regulatory Authority (APRA) has released its weekly update on the Morrison Government’s early superannuation release policy, which reveals that a further $1.3 billion was withdrawn from Australia’s superannuation pool, taking total withdrawals to $13.5 billion:
As you can see, 1.8 million applications for early release have been paid averaging $7,448 per withdrawal.
Looking at the breakdown, you can see that industry funds comprised the top six for withdrawals, accounting for nearly 60% ($7.1 billion) of total early withdrawals:
Under the Morrison Government’s early superannuation release policy, superannuants are permitted to withdraw an additional $10,000 from their funds from 1 July.
Accordingly, industry funds are likely to experience further heavy withdrawals, given their member bases are generally younger and more exposed to COVID-19 job losses.