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Aussies continue to drain super

Over the week to September 27, a further 36,000 applications were received by funds for the Early Release of Superannuation (ERS) scheme.

Of the 36,000 applications 22,000 were first-timers and 14,000 were repeat applications.

Initial applications total 3.2 million and repeat applications total 1.3 million since the inception of the scheme, back in April.

A total of $34.8 billion has been requested from funds since the start of the scheme, with $33.8 billion having been already paid to members.

The scheme was introduced for those facing financial hardship due to the COVID-19 lockdowns to be able to access their superannuation savings.

The scheme was extended until the end of the year as the country continues to focus on rebuilding the economy.

AustralianSuper has paid out around $4.7 billion to members so far followed by Sunsuper at $3.4 billion and Rest at $3.1 billion.

Other funds with members hardest hit by the pandemic like Hostplus and Cbus have paid out $2.9 billion and $2.1 billion respectively.

Funds have done a good job keeping up with APRA's five business day limit to release the funds taking 3.3 business days on average.

Additionally, 95% of all payments have been made within five business days.

Read our full COVID-19 news coverage and analysis here.

Read more: ERSEarly Release of SuperannuationAPRAAustralianSuperCbusCOVID-19HostplusSunsuper
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