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The Australian Prudential Regulatory Authority’s (APRA) weekly update on the Morrison Government’s early superannuation release policy reveals that another $991 million was pulled from Australia’s superannuation pool, raising total withdrawals to $18.1 billion:
As you can see, 2.4 million applications for early release have been paid averaging $7,698 per withdrawal.
Looking at the breakdown, you can see that industry funds comprised the top six for withdrawals, accounting for just over half ($9.4 billion) of total early redemptions:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.