Early superannuation withdrawals pass $30 billion

APRA has released its weekly update on the Morrison Government’s early superannuation release program, which reveals that another $957 million was withdrawn in the week ended 2 August:

Over the course of the scheme, nearly 4 million applicants have withdrawn $30.3 billion from their retirement nest eggs, averaging $7,695 per withdrawal.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:

Given there was another was another $1.2 billion in the application pipeline as at 2 August:

And the Morrison Government has extended the $10,000 withdrawal deadline to 31 December 2020, many more billions will be withdrawn early from Australia’s superannuation system.

Unconventional Economist
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