Accessible version of the Early Release Scheme for 31 May 2020

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, for the period ending 31 May 2020:

Current status of applications: $13.5bn payments made; $7,473 average payment; 1.96m applications received; 1.81m applications paid; 3.3 business days on average to pay an application*, 95% applications paid within five business days*.

*The payment processing period is measured from the date the super fund receives application from the ATO.

Value of applications:

  • The week ending 26 April 2020 presented a cumulative of $5bn in applications received and a cumulative of $1bn of applications paid.
  • The week ending 3 May 2020 presented a cumulative of $8bn in applications received and a cumulative of $6bn of applications paid.
  • The week ending 10 May 2020 presented a cumulative of $10bn in applications received and a cumulative of $9bn of applications paid.
  • The week ending 17 May 2020 presented a cumulative of $12bn in applications received and a cumulative of $11bn of applications paid.
  • The week ending 24 May 2020 presented a cumulative of $13bn in applications received and a cumulative of $12bn of applications paid.
  • The week ending 31 May 2020 presented a cumulative of $14bn in applications received and a cumulative of $13bn of applications paid.

Payment status: 93% applications were paid and 6% applications are in process.

Processing times for payments: 95% applications were paid within five business days.

Number of applications:

  • 0.7m applications received and 0.2m applications paid during week ending in 26 April 2020.
  • 1.1m applications received and 0.8m applications paid during week ending in 3 May 2020.
  • 1.3m applications received and 1.2m applications paid during week ending in 10 May 2020.
  • 1.6m applications received and 1.4m applications paid during week ending in 17 May 2020.
  • 1.8m applications received and 1.6m applications paid during week ending in 24 May 2020.
  • 1.9m applications received and 1.8m applications paid during week ending in 31 May 2020.

Distribution of processing times: 18% applications were processed in one business day, 10% in two, 17% in three, 43% in four, 6% in five, 2% in six, 1% in seven, 1% in eight, 0% in nine, 1% in ten or more.

The complete release can be found here.

Footnotes

    The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $10.6 trillion in assets for Australian depositors, policyholders and superannuation fund members.