This report includes applications received between 20 April - 26 April 2020.

* Receipt of the application by the superannuation fund to member payment does not capture the time between the receipt of the application by the Australian Taxation Office (ATO) and when the ATO provides it to the superannuation fund.

** Figure revised on 04/05/2020

Additional commentary

APRA has received early release initiative data submissions from 167 funds and these have been submitted on a best endeavours basis.  Some of these funds received no applications from the ATO to make early release payments and provided nil value submissions.

On average, trustees took 1.6 days to make payments to eligible members after receiving applications from the ATO. Given it is the first week of the early release initiative, trustees had no applications that were more than five business days old.

There were 80 funds that made early release payments in the first week, with more expected to follow in the weeks to come.

Total applications to 26 April

This report includes applications received between 20 April - 3 May 2020.

*Text version - Dashboard on COVID-19 Superannuation Early Release Scheme.

Additional commentary

APRA has received early release data submissions for the period ended 3 May 2020 from 177 funds; these have been submitted on a best endeavours basis.

Over the two week period from 20 April to 3 May, on average payments were made to eligible members 3.1 days after receiving the application from the Australian Tax Office (ATO). For that period, 96 per cent of payments were made within five business days of receiving applications from the ATO. Superannuation funds had issued early release payments to 830,024 members, worth a total of $6.3 billion and with an average payment of $7,629.

Fund-level data

The fund-level data shows that 142 funds of the 177 funds that submitted data made early release payments in the period to 3 May 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members.) Of all of the funds that have submitted, 117 (82 per cent) made more than 90 per cent of payments within the five business days guideline indicated by APRA. That includes 57 funds that have made all payments within five business days, 24 that paid 99 per cent within that timeframe, and another 18 funds that paid 98 per cent within five business days. Further, with very few exceptions, all payments to members have been made within ten business days from receipt of applications from the ATO.

In addition to industry-level data, APRA has published the first fund-level statistics from its Early Release Initiative data collection, including the number and value of the payments processed by each fund and the proportion of payments processed within five and ten business days. The ten funds with the highest number of applications received from the ATO have made 552,700 payments worth a total of $4.2 billion, with an average payment of $7,560 with 97.6 per cent of payments being made within five days. 

Details of the industry-level data is provided below:

• The document below provides details on payments and processing timeframes for funds that have made payments to members in the period ending 3 May 2020:

• The document below provides a summary of the data that has been reported to APRA by funds for that period.

This report includes applications received between 20 April - 10 May 2020.

An accessible version of this dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 10 May 2020 from 177 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 10 May, payments that have been made to eligible members have taken an average of 3.3 business days to pay after receipt of the application from the Australian Tax Office (ATO) and 94.4 per cent have been made within five business days.

Over the week to 10 May, superannuation funds made payments to 379,000 members, bringing the total number of payments to 1.19 million since inception. The total value of payments during the week was $2.7 billion and $9 billion since inception. The average payment since inception is $7,546.

Fund-level data

The fund-level data shows that 146 of the 177 funds that submitted data made early release payments in the period since inception to 10 May 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members.)

Among all funds that submitted data, 140 (79 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. Further, with very few exceptions (less than 1 per cent), payments to members have been completed within ten business days from receipt of applications from the ATO.

The ten funds with the highest number of applications received from the ATO have made 795,000 payments worth a total of $5.96 billion. The average payment from these funds was $7,664, with over 93 per cent of payments made within five days. 

Details of the industry-level data is provided below:

• This document provides details on payments and processing timeframes for funds that have made payments to members in the period ending 10 May 2020.

• This document provides a summary of the data that has been reported to APRA by funds for that period.

To help increase public awareness of the timeframes associated with the temporary early release scheme, APRA has developed an infographic to share through its social media channels (see below). 

A text version of the infographic is available here.

This report includes applications received between 20 April - 17 May 2020.

An accessible version of this dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 17 May 2020 from 177 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 17 May, payments that have been made to eligible members have taken an average of 3.3 business days to pay after receipt of the application from the Australian Tax Office (ATO) and 94 per cent have been made within five business days.

Over the week to 17 May, superannuation funds made payments to 220,000 members, bringing the total number of payments to 1.41 million since inception. The total value of payments during the week was $1.7 billion, with $10.6 billion paid since inception. The average payment made over the period since inception is $7,510.

Fund-level data

The fund-level data shows that 148 of the 177 funds that submitted data made early release payments in the period since inception to 17 May 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members.) 

Among all funds that submitted data, 137 (77 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. Further, with limited exceptions (1.3 per cent), payments to members have been completed within ten business days from receipt of applications from the ATO.

The ten funds with the highest number of applications received from the ATO have made 947,500 payments worth a total of $7.07 billion. The average payment from these funds was $7,617, with over 93 per cent of payments made within five days. 

Details of the industry-level data is provided below:

• This document provides details on payments and processing timeframes for funds that have made payments to members in the period ending 17 May 2020.

• This document provides a summary of the data that has been reported to APRA by funds for that period.

This report includes applications received between 20 April - 24 May 2020.

Additional Commentary

APRA has received early release data submissions for the period ended 24 May 2020 from 177 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 24 May, payments that have been made to eligible members have taken an average of 3.3 business days to pay after receipt of the application from the Australian Tax Office (ATO) and 94 per cent have been made within five business days.

Over the week to 24 May, superannuation funds made payments to 220,000 members, bringing the total number of payments to 1.63 million since inception. The total value of payments during the week was $1.6 billion, with $12.2 billion paid since inception. The average payment made over the period since inception is $7,476.

Fund-level data

The fund-level data shows that 149 of the 177 funds that submitted data made early release payments in the period since inception to 24 May 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members.)

Among all funds that submitted data, 137 (77 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. Further, with limited exceptions (1.4 per cent), payments to members have been completed within ten or more business days from receipt of applications from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 1.09 million payments worth a total of $8.13 billion. The average payment from these funds was $7,595, with over 93 per cent of payments made within five days.

Details of the industry-level data is provided below:

•    This document provides details on payments and processing timeframes for funds that have made payments to members in the period ending 24 May 2020.

•  This document provides a summary of the data that has been reported to APRA by funds for that period.

A text version of the infographic is available here.

This report includes applications received between 20 April - 31 May 2020.

An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 31 May 2020 from 177 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 31 May, payments that have been made to eligible members have taken an average of 3.3 business days after receipt of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 31 May, superannuation funds made payments to 177,000 members, bringing the total number of payments to 1.8 million since inception. The total value of payments during the week was $1.3 billion, with $13.5 billion paid since inception. The average payment made over the period since inception is $7,473.

Fund-level data

The fund-level data shows that 150 of the 177 funds (85 per cent) that submitted data made early release payments in the period since inception to 31 May 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that submitted data, 135 (76 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. Further, with limited exceptions (1.4 per cent), payments to members have been completed within 10 or more business days from receipt of applications from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 1.22 million payments worth a total of $8.96 billion. The average payment from these funds was $7,446, with over 94 per cent of payments made within five days. 

Details of the industry-level data is provided below:

• This document provides details on payments and processing timeframes for funds that have made payments to members in the period ending 31 May 2020.

• This document provides a summary of the data that has been reported to APRA by funds for that period.

A text version of the infographic is available here.

This report includes applications received between 20 April - 7 June 2020.

An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 7 June 2020 from 177 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 7 June, payments made to eligible members have taken an average of 3.3 business days after receipt of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 7 June, superannuation funds made payments to 167,000 members, bringing the total number of payments to approximately 2.0 million since inception. The total value of payments during the week was $1.3 billion, with $14.8 billion paid since inception. The average payment made over the period since inception is $7,475.

Fund-level data

The fund-level data shows that 150 of the 177 funds (85 per cent) that submitted data made early release payments in the period since inception to 7 June 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that submitted data, 137 (76 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. Further, with limited exceptions (1.4 per cent), payments to members have been completed within ten or more business days from receipt of applications from the ATO.

The ten funds with the highest number of applications received from the ATO have made 1.33 million payments worth a total of $9.76 billion. The average payment from these funds was $7,441, with over 94 per cent of payments made within five days. 

Details of the industry-level data is provided below:

• This document provides details on payments and processing timeframes for funds that have made payments to members in the period ending  7 June 2020.

• This document provides a summary of the data that has been reported to APRA by funds for that period.

A text version of the infographic is available here.

This report includes applications received between 20 April - 14 June 2020.

An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 14 June 2020 from 177 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 14 June, payments made to eligible members have taken an average of 3.3 business days after receipt of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 14 June, superannuation funds made payments to 148,000 members, bringing the total number of payments to approximately 2.1 million since inception. The total value of payments during the week was $1.3 billion, with $15.9 billion paid since inception. The average payment made over the period since inception is $7,486.

Fund-level data

The fund-level data shows that 150 of the 177 funds (85 per cent) that submitted data made early release payments in the period since inception to 14 June 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that submitted data, 132 (88 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. Further, with limited exceptions (1.5 per cent), payments to members have been completed within ten or more business days from receipt of applications from the ATO.

The ten funds with the highest number of applications received from the ATO have made 1.42 million payments worth a total of $10.46 billion. The average payment from these funds was $7,372, with over 96 per cent of payments made within five days. 

Details of the industry-level data is provided below:

•    This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 14 June 2020.

•    This link provides a summary of the data that has been reported to APRA by funds for that period.

 A text version of the infographic is available here.

This report includes applications received between 20 April - 21 June 2020.

High volumes of applications are expected for the start of the second tranche of the COVID-19 Early Release Scheme in the first week of July. This may impact the processing time for payments being made by funds. 

View an accessible version of the dashboard.

Additional Commentary

APRA has received early release data submissions for the period ended 21 June 2020 from 177 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 21 June, payments made to eligible members have taken an average of 3.3 business days after receipt of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 21 June, superannuation funds made payments to 154,000 members, bringing the total number of payments to approximately 2.3 million since inception. The total value of payments during the week was $1.2 billion, with $17.1 billion paid since inception. The average payment made over the period since inception is $7,492.

Fund-level data

The fund-level data shows that 150 of the 177 funds (85 per cent) that submitted data made early release payments in the period since inception to 21 June 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that submitted data, 133 (89 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. Further, with limited exceptions (1.8 per cent), payments to members have been completed within ten or more business days from receipt of applications from the ATO.

The ten funds with the highest number of applications received from the ATO have made 1.52 million payments worth a total of $11.21 billion. The average payment from these funds was $7,380, with over 95 per cent of payments made within five days. 

Details of the industry-level data is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 21 June 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

High volumes of applications are expected for the start of the second tranche of the COVID-19 Early Release Scheme in the first week of July. This may impact the processing time for payments being made by funds.

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time.

This report includes applications received between 20 April - 28 June 2020.

High volumes of applications are expected for the start of the second tranche of the COVID-19 Early Release Scheme in early July. This may impact the processing time for payments being made by funds. 

View an accessible version of the dashboard.

Additional Commentary

APRA has received early release data submissions for the period ended 28 June 2020 from 177 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 28 June, payments made to eligible members have taken an average of 3.3 business days after receipt of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 28 June, superannuation funds made payments to 129,000 members, bringing the total number of payments to approximately 2.4 million since inception. The total value of payments during the week was $1.2 billion, with $18.1 billion paid since inception. The average payment made over the period since inception is $7,503.

Fund-level data

The fund-level data shows that 150 of the 177 funds (85 per cent) that submitted data made early release payments in the period since inception to 28 June 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that submitted data, 136 (91 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.5 per cent), payments to members have been completed within nine or less business days from receipt of applications from the ATO.

The ten funds with the highest number of applications received from the ATO have made 1.61 million payments worth a total of $11.87 billion. The average payment from these funds was $7,390, with 96 per cent of payments made within five days. 

Details of the industry-level data is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 28 June 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

High volumes of applications are expected for the start of the second tranche of the COVID-19 Early Release Scheme in early July. This may impact the processing time for payments being made by funds.

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 5 July 2020.

High volumes of applications are expected for the start of the second tranche of the COVID-19 Early Release Scheme in early July. This may impact the processing time for payments being made by funds. 

An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 5 July 2020 from 176 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 5 July, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95.2 per cent have been made within five business days.

This reporting week covers the week from 29 June to 5 July. It includes the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. 

The 511,000 applications received by funds during the week from 29 June to 5 July includes a mix of applications received in both the 2019/20 and 2020/21 financial years. It is a significant increase in applications compared to the week of 22 June to 28 June, where 127,000 applications were received by funds, reflecting the start of repeat applications in the 2020/21 financial year.

An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period.

A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All such applications are for the 2020/21 financial year application period. 

The 511,000 applications received during this reporting week (29 June to 5 July) is lower than the 665,000 applications received during the first week of the early release scheme (20 April to 27 April).

Out of the 511,000 applications received, 165,000 were for members applying for early release for the first time (initial application) and 346,000 were for members applying for the second time (repeat application). The average amount applied for by those making a repeat application was $8,904.

The 165,000 initial applications brings the total number of initial applications to 2.7 million since the inception of the scheme. It is important to note that the number of initial applications reflects the number of member accounts that have been accessed across entities with more than four members and exceeds the number of individuals that have made an application due to some individuals seeking withdrawals from more than one superannuation fund. 

Over the week to 5 July, superannuation funds made payments to 132,000 members, bringing the total number of payments paid by funds to their members to approximately 2.54 million since inception with some of the payments being repeat payments as a result of the commencement of the second period in which members can make an application. The total value of payments during the week was close to $1 billion, with $19.1 billion paid since inception. The average payment made over the period since inception is $7,511.

At 5 July 2020, 83 per cent of applications received since inception had been paid, down from 95 per cent at 28 June 2020 given the large number of new applications received during the week.

Fund-level data

The fund-level data shows that 151 of the 176 funds (86 per cent) that submitted data made early release payments in the period since inception to 5 July 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). Further, 116 of the funds have reported second applications received.

Among all funds that made payments, 114 (75 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. Further, with limited exceptions (1.5 per cent), payments to members have been completed within nine or less business days from receipt of applications from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 1.68 million payments worth a total of $12.50 billion. The average payment from these funds was $7,427, with 96 per cent of payments made within five days. 

Details of the industry-level data is provided below:

•    This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 5 July 2020.

•    This link provides a summary of the data that has been reported to APRA by funds for that period.

High volumes of applications are expected for the start of the second tranche of the COVID-19 Early Release Scheme in early July. This may impact the processing time for payments being made by funds.

A text version of the infographic is available here.

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 12 July 2020.

High volumes of applications are expected for the start of the second tranche of the COVID-19 Early Release Scheme in early July. This may impact the processing time for payments being made by funds. 

View an accessible version of the dashboard.

Additional Commentary

APRA has received early release data submissions for the period ended 12 July 2020 from 176 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 12 July, payments made to eligible members have taken an average of 3.2 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 96.2 per cent have been made within five business days.

Over the week to 12 July, 581,000 applications were received by funds of which 109,000 were initial applications and 472,000 were repeat applications. This brought the total number of initial applications to 2.8 million and repeat applications to 0.8 million since the inception of the scheme. 

Over the week to 12 July, superannuation funds made payments to 734,000 members, bringing the total number of payments by funds to their members to approximately 3.3 million since inception. The total value of payments during the week was $6.2 billion, with $25.3 billion paid since inception. The average payment made over the period since inception is $7,718 overall and $8,755 when considering repeat applications only.

As at 12 July 2020, 90 per cent of applications received since inception had been paid. This is up from the previous week (83 per cent) but down from a fortnight earlier (95 per cent) as funds continue to process the large number of new applications received at the start of this financial year. 

Fund-level data

The fund-level data shows that 151 of the 176 funds (86 per cent) that submitted data made early release payments in the period since inception to 12 July 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). Further, 136 of the funds have reported repeat applications received.

Among all funds that made payments, 110 (73 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.2 per cent), payments to members have been completed within nine or fewer business days from receipt of applications from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 2.2 million payments worth a total of $16.5 billion. The average payment from these funds was $7,641, with 97 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 12 July 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account. 

High volumes of applications are expected for the start of the second tranche of the COVID-19 Early Release Scheme in early July. This may impact the processing time for payments being made by funds. 

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 19 July 2020.

High volumes of applications are expected for the start of the second tranche of the COVID-19 Early Release Scheme in early July. This may impact the processing time for payments being made by funds. 

View an accessible version of the dashboard.

Additional Commentary

APRA has received early release data submissions for the period ended 19 July 2020 from 176 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 19 July, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 98.5 per cent have been made within five business days.

Over the week to 19 July, 219,000 applications were received by funds of which 56,000 were initial applications and 163,000 were repeat applications. This brought the total number of initial applications to 2.9 million and repeat applications to 1.0 million since the inception of the scheme. 

Over the week to 19 July, superannuation funds made payments to 349,000 members, bringing the total number of payments by funds to their members to approximately 3.6 million since inception. The total value of payments during the week was $2.7 billion, with $28.0 billion paid since inception. The average payment made over the period since inception is $7,719 overall and $8,619 when considering repeat applications only.

As at 19 July 2020, 94 per cent of applications received since inception had been paid. This is an increase from the previous week (90 per cent) as funds continue to process the large volume of applications received in early July. 

Fund-level data

The fund-level data shows that 151 of the 176 funds (86 per cent) that submitted data made early release payments in the period since inception to 19 July 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). Further, 140 of the funds have reported repeat applications received.

Among all funds that made payments, 109 (72 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.2 per cent), payments to members have been completed within nine or fewer business days from receipt of applications from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 2.4 million payments worth a total of $18.3 billion. The average payment from these funds was $7,645, with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 19 July 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 26 July 2020.

View an accessible version of the dashboard.

Additional Commentary

APRA has received early release data submissions for the period ended 26 July 2020 from 176 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 26 July, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95.8 per cent have been made within five business days.

Over the week to 26 July, 140,000 applications were received by funds of which 59,000 were initial applications and 81,000 were repeat applications. Since the inception of the scheme the total number of initial applications was 2.9 million and the total number of repeat applications was 1.0 million. 

Over the week to 26 July, superannuation funds made payments to 173,000 members, bringing the total number of payments by funds to their members to approximately 3.8 million since inception. The total value of payments during the week was $1.4 billion, with $29.4 billion paid since inception. The average payment made over the period since inception is $7,705 overall and $8,547 when considering repeat applications only.

As at 26 July 2020, 96 per cent of applications received since inception had been paid. This is an increase from the previous week (94 per cent) as funds continue to process the large volume of applications received in early July. 

Fund-level data

The fund-level data shows that 151 of the 176 funds (86 per cent) that submitted data made early release payments in the period since inception to 26 July 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). Further, 139 of the funds have reported repeat applications received.

Among all funds that made payments, 103 (68 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.5 per cent), payments to members have been completed within nine or fewer business days from receipt of applications from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 2.5 million payments worth a total of $19.3 billion. The average payment from these funds was $7,639, with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 26 July 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.  

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 2 August 2020.

View an accessible version of the dashboard.

Additional Commentary

APRA has received early release data submissions for the period ended 2 August 2020 from 175 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 2 August, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 2 August, 103,000 applications were received by funds of which 48,000 were initial applications and 55,000 were repeat applications. This brought the total number of initial applications to 3.0 million and repeat applications to 1.1 million since the inception of the scheme. 

Over the week to 2 August, superannuation funds made payments to 129,000 members, bringing the total number of payments by funds to their members to approximately 3.9 million since inception. The total value of payments during the week was $1.0 billion, with $30.3 billion paid since inception. The average payment made over the period since inception is $7,695 overall and $8,511 when considering repeat applications only.

As at 2 August 2020, 97 per cent of applications received since inception had been paid. This is an increase from the previous week (96 per cent) as funds continue to process the large volume of applications received in early July. 

Fund-level data

The fund-level data shows that 151 of the 175 funds (86 per cent) that submitted data made early release payments in the period since inception to 2 August 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). Further, 139 of the funds have reported repeat applications received.

Among all funds that made payments, 103 (68 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.6 per cent), payments to members have been completed within nine or fewer business days from receipt of applications from the ATO.

The ten funds with the highest number of applications received from the ATO have made 2.6 million payments worth a total of $19.9 billion. The average payment from these funds was $7,630, with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 2 August 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.  

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time. 

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 9 August 2020.

View an accessible version of the dashboard.

Additional Commentary

APRA has received early release data submissions for the period ended 9 August 2020 from 175 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 9 August, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 9 August, 88,000 applications were received by funds of which 44,000 were initial applications and 44,000 were repeat applications. This brought the total number of initial applications to 3.0 million and repeat applications to 1.1 million since the inception of the scheme. 

Over the week to 9 August, superannuation funds made payments to 95,000 members, bringing the total number of payments by funds to their members to 4.0 million since inception. The total value of payments during the week was $0.71 billion, with $31.1 billion paid since inception. The average payment made over the period since inception is $7,689 overall and $8,487 when considering repeat applications only.

As at 9 August 2020, 97 per cent of applications received since inception had been paid, which is unchanged from last week. 

Fund-level data

The fund-level data shows that 151 of the 175 funds (86 per cent) that submitted data made early release payments in the period since inception to 9 August 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). Further, 139 of the funds have reported repeat applications received.

Among all funds that made payments, 103 (68 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.7 per cent), payments to members have been completed within nine or fewer business days from receipt of applications from the ATO.

The ten funds with the highest number of applications received from the ATO have made 2.7 million payments worth a total of $20.4 billion. The average payment from these funds was $7,624, with 96% per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 9 August 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.  

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time. 

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 16 August 2020.

View an accessible version of the dashboard. 

Additional Commentary

APRA has received early release data submissions for the period ended 16 August 2020 from 175 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 16 August, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 16 August, 70,000 applications were received by funds of which 40,000 were initial applications and 30,000 were repeat applications. This brought the total number of initial applications to 3.1 million and repeat applications to 1.2 million since the inception of the scheme. 

Over the week to 16 August, superannuation funds made payments to 80,000 members, bringing the total number to 4.1 million since inception. The total value of payments during the week was $0.60 billion, with $31.7 billion paid since inception. The average payment made over the period since inception is $7,686 overall and $8,468 when considering repeat applications only.

As at 16 August 2020, 97 per cent of applications received since inception had been paid, which is unchanged from last week. 

Fund-level data

The fund-level data shows that 151 of the 175 funds that submitted data made early release payments in the period since inception to 16 August 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 103 (68 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.7 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 2.7 million payments worth a total of $20.8 billion. The average payment from these funds was $7,620, with 96% per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 16 August 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account. 

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 23 August 2020.

View an accessible version of the dashboard.

Additional Commentary

APRA has received early release data submissions for the period ended 23 August 2020 from 175 funds. Funds have submitted on a best endeavours basis.

Over the period from the inception of the scheme on 20 April to 23 August, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 23 August, 59,000 applications were received by funds of which 35,000 were initial applications and 24,000 were repeat applications. This brought the total number of initial applications to 3.1 million and repeat applications to 1.2 million since the inception of the scheme. 

Over the week to 23 August, superannuation funds made payments to 75,000 members, bringing the total number to 4.2 million since inception. The total value of payments during the week was $0.57 billion, with $32.2 billion paid since inception. The average payment made over the period since inception is $7,683 overall and $8,452 when considering repeat applications only.

As at 23 August 2020, 98 per cent of applications received since inception had been paid, a slight increase from the previous week. 

Fund-level data

The fund-level data shows that 151 of the 175 funds that submitted data made early release payments in the period since inception to 23 August 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 103 (68 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 2.8 million payments worth a total of $21.2 billion. The average payment from these funds was $7,617, with 96% per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 23 August 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.  

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 30 August 2020:

View an accessible version of the dashboard.

Additional Commentary

APRA has received early release data submissions for the period ended 30 August 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 30 August, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 30 August, 52,000 applications were received by funds of which 31,000 were initial applications and 21,000 were repeat applications. This brought the total number of initial applications to 3.1 million and repeat applications to 1.2 million since the inception of the scheme. 

Over the week to 30 August, superannuation funds made payments to 51,000 members, bringing the total number to 4.2 million since inception. The total value of payments during the week was $0.38 billion, with $32.6 billion paid since inception. The average payment made over the period since inception is $7,680 overall and $8,439 when considering repeat applications only.

As at 30 August 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 30 August 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 104 (68 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 2.8 million payments worth a total of $21.4 billion. The average payment from these funds was $7,614, with 98% per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 30 August 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account. 

 View a text version of the infographic is available.

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 6 September 2020:

An accessible version of the dashboard is available here. 

Additional Commentary

APRA has received early release data submissions for the period ended 6 September 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 6 September, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 6 September, 49,000 applications were received by funds of which 27,000 were initial applications and 21,000 were repeat applications. Initial applications total 3.2 million and repeat applications total 1.2 million since the inception of the scheme.

Over the week to 6 September, superannuation funds made payments to 48,000 members, bringing the total number to 4.3 million since inception. The total value of payments during the week was $360 million, with $33.0 billion paid since inception. The average payment made over the period since inception is $7,678 overall and $8,426 when considering repeat applications only.

As at 6 September 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 6 September 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 104 (68 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 2.8 million payments worth a total of $21.7 billion. The average payment from these funds was $7,790 with 98% per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 6 September 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.  

 A text version of the infographic is available here.

Guideline payment processing time for an application made on Wednesday 1 July would be Tuesday 14 July (4 business days processing by the ATO and 5 business days processing by the fund). High volumes may result in delays to this processing time. 

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 13 September 2020:

An accessible version of the dashboard is available here. 

Additional Commentary

APRA has received early release data submissions for the period ended 13 September 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 13 September, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 13 September, 42,000 applications were received by funds of which 25,000 were initial applications and 18,000 were repeat applications. Initial applications total 3.2 million and repeat applications total 1.3 million since the inception of the scheme.

Over the week to 13 September, superannuation funds made payments to 46,000 members, bringing the total number to 4.3 million since inception. The total value of payments during the week was $340 million, with $33.3 billion paid since inception. The average payment made over the period since inception is $7,676 overall and $8,413 when considering repeat applications only.

As at 13 September 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 13 September 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 101 (66 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 2.9 million payments worth a total of $21.9 billion. The average payment from these funds was $7,610 with 96% per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 13 September 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account. 

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 20 September 2020:

An accessible version of the dashboard is available here. 

Additional Commentary

APRA has received early release data submissions for the period ended 20 September 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 20 September, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 20 September, 38,000 applications were received by funds of which 23,000 were initial applications and 15,000 were repeat applications. Initial applications total 3.2 million and repeat applications total 1.3 million since the inception of the scheme.

Over the week to 20 September, superannuation funds made payments to 40,000 members, bringing the total number to 4.4 million since inception. The total value of payments during the week was $294 million, with $33.5 billion paid since inception. The average payment made over the period since inception is $7,674 overall and $8,402 when considering repeat applications only.

As at 20 September 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 20 September 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 101 (66 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 2.9 million payments worth a total of $21.9 billion. The average payment from these funds was $7,608 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

•    This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 20 September 2020.

•    This link provides a summary of the data that has been reported to APRA by funds for that period.

•    The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.

•    An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.

•    The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.  

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 27 September 2020:

An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 27 September 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 27 September, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 27 September, 36,000 applications were received by funds of which 22,000 were initial applications and 14,000 were repeat applications. Initial applications total 3.2 million and repeat applications total 1.3 million since the inception of the scheme.

Over the week to 27 September, superannuation funds made payments to 36,000 members, bringing the total number to 4.4 million since inception. The total value of payments during the week was $267 million, with $33.8 billion paid since inception. The average payment made over the period since inception is $7,671 overall and $8,384 when considering repeat applications only.

As at 27 September 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 27 September 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 101 (66 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 2.9 million payments worth a total of $22.3 billion. The average payment from these funds was $7,605 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 27 September 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 4 October 2020:

 An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 4 October 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 4 October, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 4 October, 31,000 applications were received by funds of which 19,000 were initial applications and 12,000 were repeat applications. Initial applications total 3.2 million and repeat applications total 1.3 million since the inception of the scheme.

Over the week to 4 October, superannuation funds made payments to 33,000 members, bringing the total number to 4.4 million since inception. The total value of payments during the week was $241 million, with $34.1 billion paid since inception. The average payment made over the period since inception is $7,668 overall and $8,374 when considering repeat applications only.

As at 4 October 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 4 October 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 100 (66 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 2.9 million payments worth a total of $22.3 billion. The average payment from these funds was $7,602 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 4 October 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.  

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 11 October 2020:

 An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 11 October 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 11 October, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 11 October, 26,000 applications were received by funds of which 16,000 were initial applications and 9,000 were repeat applications. Initial applications total 3.3 million and repeat applications total 1.3 million since the inception of the scheme.

Over the week to 11 October, superannuation funds made payments to 28,000 members, bringing the total number to 4.5 million since inception. The total value of payments during the week was $199 million, with $34.3 billion paid since inception. The average payment made over the period since inception is $7,665 overall and $8,363 when considering repeat applications only.

As at 11 October 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 11 October 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 100 (66 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.7 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 3.0 million payments worth a total of $22.6 billion. The average payment from these funds was $7,599 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 11 October 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account. 

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 18 October 2020:

 An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 18 October 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 18 October, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 18 October, 25,000 applications were received by funds of which 16,000 were initial applications and 9,000 were repeat applications. Initial applications total 3.3 million and repeat applications total 1.3 million since the inception of the scheme.

Over the week to 18 October, superannuation funds made payments to 25,000 members, bringing the total number to 4.5 million since inception. The total value of payments during the week was $183 million, with $34.4 billion paid since inception. The average payment made over the period since inception is $7,663 overall and $8,354 when considering repeat applications only.

As at 18 October 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 18 October 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 100 (66 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.7 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 3.0 million payments worth a total of $22.7 billion. The average payment from these funds was $7,596 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 18 October 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.  

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 25 October 2020:

 An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 25 October 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 25 October, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

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. Initial applications total 3.3 million and repeat applications total 1.3 million since the inception of the scheme.

Over the week to 25 October, superannuation funds made payments to 24,000 members, bringing the total number to 4.5 million since inception. The total value of payments during the week was $173 million, with $34.6 billion paid since inception. The average payment made over the period since inception is $7,660 overall and $8,346 when considering repeat applications only.

As at 25 October 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 25 October 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 100 (66 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 3.0 million payments worth a total of $22.8 billion. The average payment from these funds was $7,594 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 25 October 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 1 November 2020:

An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 1 November 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 1 November, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 1 November, 24,000 applications were received by funds of which 16,000 were initial applications and 8,000 were repeat applications. Initial applications total 3.3 million and repeat applications total 1.3 million since the inception of the scheme.

Over the week to 1 November, superannuation funds made payments to 23,000 members, bringing the total number to 4.6 million since inception. The total value of payments during the week was $166 million, with $34.8 billion paid since inception. The average payment made over the period since inception is $7,658 overall and $8,336 when considering repeat applications only.

As at 1 November 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 1 November 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 99 (65 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.7 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 3.0 million payments worth a total of $22.9 billion. The average payment from these funds was $7,591 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 1 November 2020.

This link provides a summary of the data that has been reported to APRA by funds for that period.

The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.

An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.

The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 8 November 2020:

An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 8 November 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 8 November, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 8 November, 25,000 applications were received by funds of which 16,000 were initial applications and 8,000 were repeat applications. Initial applications total 3.3 million and repeat applications total 1.4 million since the inception of the scheme.

Over the week to 8 November, superannuation funds made payments to 22,000 members, bringing the total number to 4.6 million since inception. The total value of payments during the week was $160 million, with $35.0 billion paid since inception. The average payment made over the period since inception is $7,655 overall and $8,326 when considering repeat applications only.

As at 8 November 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 8 November 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 100 (66 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.7 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 3.0 million payments worth a total of $23.0 billion. The average payment from these funds was $7,588 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 8 November 2020.

 This link provides a summary of the data that has been reported to APRA by funds for that period.

The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.

An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.

The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account. 

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 15 November 2020:

An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 15 November 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 15 November, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 15 November, 18,000 applications were received by funds of which 12,000 were initial applications and 6,000 were repeat applications. Initial applications total 3.3 million and repeat applications total 1.4 million since the inception of the scheme.

Over the week to 15 November, superannuation funds made payments to 21,000 members, bringing the total number to 4.6 million since inception. The total value of payments during the week was $151 million, with $35.2 billion paid since inception. The average payment made over the period since inception is $7,653 overall and $8,319 when considering repeat applications only.

As at 15 November 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 15 November 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 100 (66 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 3.0 million payments worth a total of $23.1 billion. The average payment from these funds was $7,585 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 15 November 2020.

This link provides a summary of the data that has been reported to APRA by funds for that period.

The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.

An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.

The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account. 

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 22 November 2020:

 An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 22 November 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 22 November, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 22 November, 20,000 applications were received by funds of which 14,000 were initial applications and 7,000 were repeat applications. Initial applications total 3.4 million and repeat applications total 1.4 million since the inception of the scheme.

Over the week to 22 November, superannuation funds made payments to 20,000 members, bringing the total number to 4.6 million since inception. The total value of payments during the week was $146 million, with $35.3 billion paid since inception. The average payment made over the period since inception is $7,650 overall and $8,312 when considering repeat applications only.

As at 22 November 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 22 November 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 100 (66 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 3.1 million payments worth a total of $23.2 billion. The average payment from these funds was $7,582 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 22 November 2020.

This link provides a summary of the data that has been reported to APRA by funds for that period.

The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.

An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.

The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account. 

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 29 November 2020:

An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 29 November 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 29 November, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 29 November, 22,000 applications were received by funds of which 15,000 were initial applications and 7,000 were repeat applications. Initial applications total 3.4 million and repeat applications total 1.4 million since the inception of the scheme.

Over the week to 29 November, superannuation funds made payments to 21,000 members, bringing the total number to 4.6 million since inception. The total value of payments during the week was $150 million, with $35.5 billion paid since inception. The average payment made over the period since inception is $7,649 overall and $8,305 when considering repeat applications only.

As at 29 November 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 29 November 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 99 (65 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 3.1 million payments worth a total of $23.2 billion. The average payment from these funds was $7,579 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 29 November 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application. All repeat applications relate to the 2020/21 financial year application period.
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account. 

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 6 December 2020:

An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 6 December 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 6 December, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 6 December, 22,000 applications were received by funds of which 15,000 were initial applications and 7,000 were repeat applications. Initial applications total 3.4 million and repeat applications total 1.4 million since the inception of the scheme.

Over the week to 6 December, superannuation funds made payments to 21,000 members, bringing the total number to 4.7 million since inception. The total value of payments during the week was $155 million, with $35.6 billion paid since inception. The average payment made over the period since inception is $7,647 overall and $8,298 when considering repeat applications only.

As at 6 December 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 6 December 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 98 (65 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 3.1 million payments worth a total of $23.4 billion. The average payment from these funds was $7,578 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 6 December 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
   
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
   
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account. 

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 13 December 2020:

An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 13 December 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 13 December, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 13 December, 22,000 applications were received by funds of which 15,000 were initial applications and 7,000 were repeat applications. Initial applications total 3.4 million and repeat applications total 1.4 million since the inception of the scheme.

Over the week to 13 December, superannuation funds made payments to 21,000 members, bringing the total number to 4.7 million since inception. The total value of payments during the week was $153 million, with $35.8 billion paid since inception. The average payment made over the period since inception is $7,645 overall and $8,290 when considering repeat applications only.

As at 13 December 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 13 December 2020 and 140 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 98 (65 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 3.1 million payments worth a total of $23.5 billion. The average payment from these funds was $7,576 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 13 December 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account. 

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 20 December 2020:

 An accessible version of the dashboard is available here.

Additional Commentary

APRA has received early release data submissions for the period ended 20 December 2020 from 175 funds. Funds have submitted on a ‘best endeavours’ basis.

Over the period from the inception of the scheme on 20 April to 20 December, payments made to eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95 per cent have been made within five business days.

Over the week to 20 December, 21,000 applications were received by funds of which 69 per cent were initial applications and 31 per cent were repeat applications. Initial applications total 3.4 million and repeat applications total 1.4 million since the inception of the scheme.

Over the week to 20 December, superannuation funds made payments to 22,000 members, bringing the total number to 4.7 million since inception. The total value of payments during the week was $159 million, with $35.9 billion paid since inception. The average payment made over the period since inception is $7,643 overall and $8,284 when considering repeat applications only.

As at 20 December 2020, 98 per cent of applications received since inception had been paid. 

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 20 December 2020 and 141 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 97 (64 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO have made 3.1 million payments worth a total of $23.6 billion. The average payment from these funds was $7,575 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 20 December 2020.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, from inception of the Scheme to 31 January 2021:

An accessible version of the dashboard is available here.

Early Release Scheme in Review

APRA has received early release data submissions for the period ended 31 January 2021 from 175 funds on a ‘best endeavours’ basis.

The Government’s Early Release Scheme commenced on 20 April 2020 and was closed to new applications after 31 December 2020. This final issue that APRA will produce in this format covers data submitted through to 31 January 2021 to allow additional time beyond the closing date for final applications to be provided to funds by the ATO and for funds to process applications and complete payments. 

Over the duration of the scheme funds received 4.9 million applications with a value of $37.3 billion. As at 31 January 2021, 98 per cent or 4.8 million of these applications had been paid with a total value of $36.4 billion. 95,000 applications had been closed or revoked without payment. Less than 8,000 applications (0.16% of total applications received) were still in process at 31 January 2021 – many because funds had been unable to contact applicants to finalise payment.

A total of 3.5 million initial applications were approved across the full period of the scheme as well as 1.4 million repeat applications approved during the second application period from 1 July 2020 to 31 December 2020. The scheme was characterised by high levels of applications after the opening dates of each application period (20 April 2020 and 1 July 2020) with volumes tailing off in the later weeks of these application periods, particularly the second application period.

The average payment made over the course of scheme was $7,638. Repeat applications were for an average amount of $8,268 while initial applications were for an average amount of $7,402. This resulted in the average application amount and payment amount in the second application period being slightly higher than in the first application period.

Funds were generally able to process applications and make payments in a timely manner throughout the duration of the scheme. Overall funds took an average of 3.3 business days to make payments with 95% of payments completed within 1-5 business days.

The top 10 funds with the highest number of applications received, accounted for 66% of total early release payments and made 96% of payments within 1-5 business days.

Fund-level data

The fund-level data shows that 152 of the 175 funds that submitted data made early release payments in the period since inception to 31 January 2021 and 141 of these also reported repeat applications received. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members). 

Among all funds that made payments, 96 (63 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members were completed within nine or fewer business days from receipt of applications by funds from the ATO.

The ten funds with the highest number of applications received from the ATO made 3.2 million payments worth a total of $23.9 billion. The average payment from these funds was $7,569 with 96 per cent of payments made within five days. 

Details of the industry-level data (entities with more than four members) is provided below:

• This link provides details on payments and processing timeframes for funds that have made payments to members in the period ending 31 January 2021.

• This link provides a summary of the data that has been reported to APRA by funds for that period.

• The reporting week from 29 June 2020 to 5 July 2020 included the end of the period for which members could apply for up to $10,000 for the 2019/20 financial year and the start of the period for which members could apply for up to $10,000 for the 2020/21 financial year. It therefore included a mix of applications received that relate to each of the 2019/20 and 2020/21 financial years.
• An ‘initial application’ is the first application made in respect of a member account whether this occurred in the 2019/20 financial year application period or the 2020/21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application.  All repeat applications relate to the 2020/21 financial year application period.
• The number of initial applications is measured by member accounts and exceeds the number of underlying individuals with approved applications since some individuals have applied across more than one superannuation account.