POWERED BY MOMENTUM MEDIA
Early super applicants exceeded expectations: APRA
The number of members accessing their superannuation early has been higher than what the Australian Prudential Regulation Authority (APRA) had expected.
In a session with the Senate Select Committee, APRA deputy chair Helen Rowell said the number of members accessing super was higher than expected but that the amount of dollars drawn down had been “in line with initial assumptions”.
As at 17 May, over 1.59 million applications had been received from members looking to access their super and 1.41 million of these had been paid. So far, some $10.6 billion had been paid out with an average member payment of $7,510.
APRA said while there had been a high volume of applicants at the start of the scheme, these had steadied out and were now around 200,000 per week.
Rowell said she expected to see an uptick towards the end of the scheme on 30 June, 2020 and a second one at the start of the next tranche.
APRA said it was monitoring factors such as the impact of the early access system on liquidity, levels of payments and number of applicants.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
