Text version of Dashboard on COVID-19 Superannuation Early Release Scheme

Superannuation

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, for the period ending 3 May 2020:

Current status of applications: $6.3bn payments made; $7,629 average payment; 1,080K applications received; 830k applications paid; 3.1 business days on average to pay an application*, 96% 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 $5.1bn in applications received and a cumulative of $1.3bn of applications paid. The week ending 3 May 2020 presented a cumulative of $8.1bn in applications received and a cumulative of $6.3bn of applications paid.

Payment status: 77% applications were paid and 22% applications are in process.

Processing times for payments: 96% applications were paid within five business days.

Number of applications: 664k applications received and 163k applications paid during week ending in 26 April 2020. 1,080k applications received and 830k applications paid during week ending in 3 May 2020.

Distribution of processing times: 26% applications were processed in one business day, 8% in two, 18% in three, 35% in four, 10% in five, 2% in six, 0% in seven, 1% in eight, 0% in nine, 0% in ten or more.

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.