Early super withdrawals continue to slow

APRA has published its early superannuation release data for the week ended 25 October, which revealed that only $173 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.6 billion:

According to APRA:

Over the week to 25 October, superannuation funds made payments to 24,000 members, bringing the total number to 4.5 million since inception. The total value of payments during the week was $173 million, with $34.6 billion paid since inception. The average payment made over the period since inception is $7,660 overall and $8,346 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comprise the top six super funds for early release, together accounting for more than half (52%) of the total funds withdrawn:

These six industry funds alone have seen total outflows of $18.0 billion from 2.4 million applicants, averaging $7,602 per withdrawal.

The stimulus from early superannuation release continues to slow and will soon no longer add to household disposable income nor domestic demand:

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