Early super withdrawals continue to slow

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its early superannuation release data for the week ended 1 November, which revealed that only $166.3 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.8 billion: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.

As shown in the below charts, industry funds comprise the top six super funds for early release, together accounting for more than half (53%) of the total funds withdrawn:

These six industry funds alone have seen total outflows of $18.0 billion from 2.4 million applicants, averaging $7,599 per withdrawal.

The stimulus from early superannuation release continues to slow and continues to have a shrinking impact on household disposable income and domestic demand:

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