4 May 2020

APRA publishes first data on early release super scheme

The Morrison Government welcomes the first release of data by the Australian Prudential Regulation Authority (APRA) relating to savings released to Australians, under the expanded provisions for early release of superannuation, for those financially impacted by COVID-19.

Today’s Early Release Initiative (ERI) data collection, for the week ending on 26 April, summarises applications and payments made by funds, and for the first time provides data on the turnaround time for requests.

Assistant Minister Jane Hume said, ‘I welcome this first release of data and look forward to further information becoming available over the coming weeks, so Australians can see how their funds are responding.’

‘I’ve been speaking with the CEOs of super funds on a daily basis, and they have confirmed to me the process of early release of super is running smoothly. It is particularly pleasing to note that trustees have listened to the needs of members and are delivering funds within an average of 1.6 days after the receipt of their applications from the ATO. This is well within APRA’s guidance of taking not more than five business days after ATO approval.’ 

‘Australians are receiving much needed funds, at a time they need it most.’

Australians can access up to $10,000 of their superannuation by June 30 and a further $10,000 from July 1 to September 24.  All applications must be made via my.gov.au

Further information about APRA’s data is available at the APRA website.