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its early superannuation release data for the week ended 20 September, which revealed that only $294 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $33.5 billion: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.
As shown in the below charts, industry funds comprise the top six super funds for early release, together accounting for more than half of the total funds withdrawn:
These six industry funds alone have seen total outflows of $17.4 billion from 2.3 million applicants, averaging $7,618 per withdrawal.
The bad news for the economy is that the stimulus from early superannuation release has slowed to a trickle and will soon no longer add to household disposable income nor domestic demand:
This will leave an even bigger demand deficit that needs to be filled via government stimulus.