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Majority of ERS applications double dippers

The majority of payments made through the government's Early Release of Super (ERS) scheme have been double dippers, according to the most recent APRA data.

In the period from the scheme's inception until end of financial year, 2.54 million applications were received.

In the period from July 1 to August 30 1.22 million repeat applications have been lodged, while only 600,000 new applications have been lodged.

Additionally, average payment made over the period since inception is $7680 overall but that rises to $8439 when considering repeat applications only.

The data shows that the majority of those who have withdrawn their super are repeat offenders and suggests that there are fewer people experiencing sudden financial hardship since the initial hit of COVID-19.

Over the week to August 30, superannuation funds made payments to 51,000 members, bringing the total number to 4.2 million since April when the scheme began.

The total value of payments during the week was $38 million, with $32.6 billion paid since inception.

The most recent data found 98% of applications received since inception had been paid.

Among all funds that made payments, 68% completed more than 90% of payments within the five business days guideline indicated by APRA.

The 10 funds with the highest number of applications received from the ATO have made 2.8 million payments worth a total of $21.4 billion.

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

Read more: ERSAPRAEarly Release of SuperATOCOVID-19
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