Early superannuation withdrawals slow some more

Advertisement

APRA has published its early superannuation release data for the week ended 11 October, which revealed that only $199 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.3 billion:

According to APRA:

Over the week to 11 October, 26,000 applications were received by funds of which 16,000 were initial applications and 9,000 were repeat applications. Initial applications total 3.3 million and repeat applications total 1.3 million since the inception of the scheme.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
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.