Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
ERS figures hit $17 billion

The latest round of APRA data has revealed that $17.1 billion in early release of super (ERS) applications have now been paid.

Billions are being withdrawn each week, despite COVID-19 restrictions easing in most Australian states.  Last week $15.9 billion had been paid out in ERS applications.

In total, 2.4 million applications have now been received and 2.3 million paid.

Funds are managing to make 95% of payments within the five business day timeline.

Over the week to 21 June, superannuation funds made payments to 154,000 members.

AustralianSuper, the nation's biggest super fund also has the biggest ERS bill. It has paid out almost $2.3 billion.

The industry fund for the construction sector, cbus, saw its ERS payments creep towards $1 billion - hitting $982,426,436.

Hostplus has now paid out over $1.5 billion, with many of its members who work in the hospitality and travel industries impacted by travel bans and social distancing measures.

Rest also topped $1.5 billion in the latest round of data.

Sunsuper, meanwhile, had even more ERS applications - paying out $1.693 billion.

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

Read more: ERSAPRAAustralianSuperHostplusSunsuper
Link to something tZEX3MD3