There have been 200 times more early release financial hardship payments processed by superannuation funds per week since the government’s scheme opened two weeks ago, according to the Association of Superannuation Funds of Australia (ASFA).
ASFA said it estimated that 855,000 individual payments totalling about $7.1 billion had been made by 30 April, for super members suffering financial hardship as a result of the COVID-19 pandemic.
ASFA’s analysis suggested that:
ASFA chief executive, Dr Martin Fahy, said funds had worked cooperatively with the government and regulators to change systems to process the unprecedented volume of transactions to ensure the payments had been made quickly and safely.
“The strength of Australia’s world-class compulsory super system has enabled super funds to play this important role in supporting Australians in these unique circumstances and superannuation is committed to playing a key role in rebuilding the economy, by providing much needed capital for the recovery,” he said.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.