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APRA has published its early superannuation release data for the week ended 1 November, which revealed that only $166.3 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.8 billion:
According to APRA:
Over the week to 1 November, superannuation funds made payments to 23,000 members, bringing the total number to 4.6 million since inception. The total value of payments during the week was $166 million, with $34.8 billion paid since inception. The average payment made over the period since inception is $7,658 overall and $8,336 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.