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ERS withdrawals surpass $32bn

Retirement savings withdrawals have surpasses $32 billion since the introduction of the government's Early Release of Super (ERS) scheme.

Over the week to August 23, 59,000 applications were received by funds of which 35,000 were initial applications and 24,000 were repeat applications.

The total number of initial applications has reached 3.1 million and repeat applications have reached 1.2 million since the inception of the scheme in April.

Over the week to August 23, super funds made payments to 75,000 members, bringing the total number to 4.2 million since inception.

The total value of payments during the week was $507 million, with $32.2 billion paid since inception.

The average payment made over the period since inception is $7683 overall and $8452 when considering repeat applications only.

As at 23 August 2020, 98% of applications received since inception had been paid, a slight increase from the previous week.

Since the inception of the scheme payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95% have been made within five business days.

The 10 funds with the highest number of applications received from the ATO have made 2.8 million payments worth a total of $21.2 billion.

The average payment from these funds was $7617, with 96% per cent of payments made within five days.

AustralianSuper, the country's largest fund, has paid out the most to members, approaching $4.5 billion.

Sunsuper has paid out the second largest amount, coming in at $3.26 billion, while funds with members from harder hit sectors of the economy coming in behind that.

Retail employee's super fund Rest has made $3.26 billion worth of payments, while hospitality fund Hostplus has paid $2.79 billion.

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

Read more: ERSEarly Release of SuperATOAustralianSuperAustralian Tax OfficeSunsuperHostplusREST
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