Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
Repeat ERS applications hit one million

Over one million Australians have accessed the second tranche of Early Release Super as over $28 billion has been removed from the system.

Over the week to July 19, 219,000 applications were received, of which 56,000 were initial applications and 163,000 were repeat applications.

This has brought the total number of initial applications to 2.9 million and repeat applications to one million since the inception of the scheme.

Over the week to July 19, superannuation funds made payments to 349,000 members, bringing the total number of payments by funds to their members to approximately 3.6 million since the beginning of the scheme.

The total value of payments during the week was $2.7 billion, bringing the total value of payments since the scheme's inception to $28 billion.

The average payment made over the period since inception is $7719 overall and $8619 for repeat applications.

As at July 19, 94% of applications received since inception had been paid, marking  an increase from the previous week (90%) as funds continue to process the large volume of applications received in early July.

Since the scheme's commencement in April, 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 98.5% have been made within five business days.

AustralianSuper has paid out the most at over $4 billion, followed by Sunsuper at $2.9 billion, Rest at $2.6 billion and Hostplus at $2.5 billion.

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

Read more: ERSEarly Release SuperAustralianSuperAustralian Tax OfficeATOHostplusSunsuper
Link to something T4P5THmd