Early superannuation release slows to a trickle

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APRA has published its early superannuation release data for the week ended 20 September, which revealed that only $294 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $33.5 billion:

According to APRA:

Over the week to 20 September, superannuation funds made payments to 40,000 members, bringing the total number to 4.4 million since inception. The total value of payments during the week was $294 million, with $33.5 billion paid since inception. The average payment made over the period since inception is $7,674 overall and $8,402 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.