APRA published its early superannuation release data for the week ended 6 December, which revealed that only $155.0 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $35.6 billion:
According to APRA:
Over the week to 6 December, superannuation funds made payments to 21,000 members, bringing the total number to 4.7 million since inception. The total value of payments during the week was $155 million, with $35.6 billion paid since inception. The average payment made over the period since inception is $7,647 overall and $8,298 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comprise the top six super funds for early release, together accounting for more than half (53%) of the total funds withdrawn: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 $18.5 billion from 2.5 million applicants, averaging $7,585 per withdrawal.
With the 31 December deadline for withdrawals fast approaching, it is likely that Australia’s superannuation system will have experienced around $36 billion of total withdrawals from the early release policy once the scheme ends.
The impact on Australia’s total superannuation savings is shown clearly in the next chart, which shows the clear dip in balances after the scheme was introduced:
