Early superannuation release slows again

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APRA has published its early superannuation release data for the week ended 13 September, which revealed that only $340 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $33.3 billion:

According to APRA:

Over the week to 13 September, superannuation funds made payments to 46,000 members, bringing the total number to 4.3 million since inception. The total value of payments during the week was $340 million, with $33.3 billion paid since inception. The average payment made over the period since inception is $7,676 overall and $8,413 when considering repeat applications only.

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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.