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Early release of super payments climb to $34.6bn
The latest statistics from APRA indicate that around 4.6 million applications for the release of super have been made since the inception of the scheme, with around $34.6 billion in payments made so far.
In its latest data on the COVID-19 Superannuation Early Release Scheme, APRA stated that over the week to 25 October, 24,000 applications were received by funds, of which 16,000 were initial applications and 8,000 were repeat applications.
Since the inception of the scheme on 24 April this year, there have been 3.3 million initial applications made in total and 1.3 million in repeat applications.
A total of $34.6 billion has been paid by super funds since the start of the scheme, with average payment made over the period since inception sitting at $7,660 overall and $8,346 and $8,346 for repeat applications only.
Back in September, the ATO stated there had only been around 35,000 applications made by 19,000 SMSFs for the early release of nearly $341 million.
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