Aussie early superannuation withdrawals approach $30 billion

APRA has released its weekly update on the Morrison Government’s early superannuation release program, which reveals that another $1.4 billion was withdrawn in the week ended 26 July:

Over the course of the scheme, more than 3.8 million applicants have withdrawn $29.4 billion from their retirement nest eggs, averaging $7,705 per withdrawal.

As shown in the below charts, the top six targets for superannuation withdrawals were all industry funds, which combined accounted for just over half of total early superannuation withdrawals in both number and value terms:

There was another $1.3 billion in the application pipeline as at 26 July:

Under the Morrison Government’s early release policy, superannuants experiencing financial difficulty were permitted to withdraw $10,000 from their superannuation accounts in 2019-20 and then another $10,000 in 2020-21.

The Morrison Government last month announced that it would extend the deadline for withdrawals by three months to 31 December 2020. Hence, the withdrawals will continue for the remainder of this year.

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