The Australian Prudential Regulation Authority (APRA) has published the latest industry-level and fund-level data on the temporary early release of its superannuation scheme, revealing the current status of payments and other key statistics.
According to the data, which covers applications received between April 20 and December 20, $35.9 billion in payments have been made so far, with the average business days to payment coming in at 3.3. Additionally, the average payment has been $7,643 with 95% of apps being paid within five business days.
Other notable figures reveal that 3.4 million applications have been received so far, with $7,400 being the average application amount for initial applications. There have also been 1.4 million repeat applications received, with $8,284 being the average application amount. During the week of December 20 alone, 21,000 applications were received by funds, of which 69% were initial applications and 31% were repeat applications, noted APRA.
Overall, APRA has received early release data submissions from 175 funds, and funds have been submitted on a ‘best endeavours’ basis, said the regulator.
