Australian superannuation (super) funds have already processed over $6.3 billion worth of withdrawals to over 830,000 Australians who have requested an early release of their retirement nest eggs in the first two weeks since the measure was implemented, according to figures released on May 11 by the Australian Prudential Regulation Authority (APRA).
The publication of the first round of weekly fund-level data on the Early Release Initiative (ERI) coincides with the Australian Tax Office ( ATO ) resuming application processing after a temporary suspension last Friday in response to fraudulent activities involving identity stealing.
