APRA released its early superannuation release data for the week ended 30 August, which revealed that only $381 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $32.6 billion:
According to APRA:
Over the week to 30 August, superannuation funds made payments to 51,000 members, bringing the total number to 4.2 million since inception. The total value of payments during the week was $0.38 billion, with $32.6 billion paid since inception. The average payment made over the period since inception is $7,680 overall and $8,439 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funds comprise the top six super funds for early release, together accounting for more than half of the total funds withdrawn: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 $16.9 billion from 2.2 million applicants, averaging $7,625 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 will need to be filled via government stimulus.