Early superannuation withdrawals continue to slow

APRA has published its early superannuation release data for the week ended 29 November, which revealed that only $150.0 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $35.5 billion:

According to APRA:

Over the week to 29 November, superannuation funds made payments to 21,000 members, bringing the total number to 4.6 million since inception. The total value of payments during the week was $150 million, with $35.5 billion paid since inception. The average payment made over the period since inception is $7,649 overall and $8,305 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comprise the top six super funds for early release, together accounting for more than half (53%) of the total funds withdrawn: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 $18.4 billion from 2.4 million applicants, averaging $7,587 per withdrawal.

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

Unconventional Economist

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