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
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
