The number of people seeking early release superannuation in just one week has broken through the half a million mark.
The latest data from the Australian Prudential Regulation Authority has revealed that 581,000 applications were received for early release of which 472,000 were repeat applications.
It said this brought the total number of initial applications to 2.8 million and repeat applications to 0.8 million since the inception of the scheme.
“Over the week to 12 July, superannuation funds made payments to 734,000 members, bringing the total number of payments by funds to their members to approximately 3.3 million since inception,” it said.
“The total value of payments during the week was $6.2 billion, with $25.3 billion paid since inception. The average payment made over the period since inception is $7,718 overall and $8,755 when considering repeat applications only.”
Vanguard Super has reported strong returns across most of its investment options, attributed to a “low-cost, index-based approach”.
The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
Australian super funds notched a third consecutive year of strong returns, with the median balanced option delivering an estimated 10.1 per cent over the 2024-25 financial year, but an economist has warned that the rally may be harder to sustain as key risks gather pace.
AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024–25 financial year, as markets delivered another year of strong performance despite the complex investing environment.