$32bn paid out in superannuation early access scheme

At least 3.1 million superannuation members have applied to take cash out of their super fund.

Treasury initially estimated that $29.5bn would be paid out to super members as a result of the early access scheme, but that estimate was later revised up to $41.9bn.

At least 3.1 million superannuation members have applied to take cash out of their super fund, and 1.2 million of those have double dipped.

According to the Australian Prudential Regulatory Authority, $32.2bn has now been withdrawn from Australia’s superannuation system since the inception of the Commonwealth government’s early access to super scheme.

The scheme allows people hit with financial hardship as a result of the coronavirus crisis to withdraw up to $20,000 from their superannuation over two financial years.

Treasury had initially estimated that $29.5bn would be paid out to super members as a result of the scheme, but that estimate was later revised up to $41.9bn.

In the week to August 23, 59,000 applications were received by super funds and at least $570m was paid out to members, according to the latest weekly data released by APRA.

Australia’s largest superannuation fund, AustralianSuper, has now paid out $4.36bn to its members.

Brisbane-based industry super fund Sunsuper has paid out $3.12bn, while Retail Employees Superannuation Trust, HOSTPLUS and Construction and Building Unions Superannuation Fund have all paid out at least $2bn to their members.