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ERS payments approach $30bn mark

Applications for the Early Release of Super (ERS) scheme have hit $28 billion, with funds having so far paid out $25.3 billion since the start of the scheme.

APRA's data shows that since the launch of the ERS scheme is April this year, over 2.8 million applications have been received with 800,000 repeat applications since the start of the new financial year.

Over the week to July 12, 581,000 applications were received by funds of which 109,000 were initial applications and 472,000 were repeat applications.

This has brought the total number of initial applications to 2.8 million and repeat applications to 800,000 since the inception of the scheme.

The total value of payments during the week was $6.2 billion, with $25.3 billion paid since inception. The average payment made over the period since inception is $7718 overall and $8755 when considering repeat applications only.

APRA said 90% of all applications received since inception have been paid; this is up from the previous week (83%) but down from a fortnight earlier (95%) as funds continue to process the large number of new applications received at the start of this financial year.

Payments made to eligible members have taken an average of 3.2 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 96.2% have been made within five business days.

The county's largest fund, AustralianSuper, has made the most payments so far totaling $3.79 billion with the value of repeat applications nearing the $1 billion mark.

Sunsuper has also made a significant amount of repeat payments totaling $774 million, followed by Hostplus $588 million and Rest with $581 million.

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

Read more: ERSAPRAEarly Release of SuperAustralianSuperATOAustralian Tax OfficeHostplusSunsuperCOVID-19
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