Early superannuation withdrawals slow some more

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APRA has published its early superannuation release data for the week ended 27 September, which revealed that only $267 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $33.8 billion:

According to APRA:

Over the week to 27 September, superannuation funds made payments to 36,000 members, bringing the total number to 4.4 million since inception. The total value of payments during the week was $267 million, with $33.8 billion paid since inception. The average payment made over the period since inception is $7,671 overall and $8,384 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.