The federal government has welcomed the first release of data by the Australian Prudential Regulation Authority (APRA) relating to benefits paid to members under the COVID-19 early release of superannuation scheme.
The first release of data under APRA’s Early Release Initiative (ERI) was based on figures for the week ending 26 April and was submitted to the regulator from 167 APRA-regulated funds.
Assistant Minister for Superannuation, Financial Services and Financial Technology 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.”
The ERI data revealed superannuation trustees received 665,310 applications for early release and processed 162,879 applications during the first week of the scheme. Members were paid a total of $1.3 billion, with an average benefit of $8002 per member.
APRA deputy chair Helen Rowell said: “This new data collection enables APRA, government and other stakeholders to monitor the take-up of the new scheme and ensure trustees are processing eligible applications in a timely manner.
“Although this publication only covers the first week of a scheme that will run for several months, the initial data indicates trustees are moving quickly to make payments after receiving determinations from the ATO.”
Last month, Hume said COVID-19 relief measures announced by the Australian Securities and Investments Commission would help practitioners provide Australian consumers with trusted financial advice.
