The Australian Prudential Regulation Authority (APRA) revealed the 1,188,000 total approved superannuation withdrawals from 1,344,000 applications toppled $9 billion in value, for an average payment of $7,546.
Eligible members can withdraw up to $10,000 this financial year, and another $10,000 next financial year (from 1 July) to combat financial hardship brought on by COVID-19.
Data was collected over the three week period from 177 super funds on a 'best endeavours' basis, and the top ten funds with the largest number of applications was just under $6 billion in value.
Payments to eligible members took an average of 3.3 business days after receipt of the application from the Australian Tax Office (ATO), and 94.4% have been made within five business days.
Last week AMP revealed the average applicant to the super withdrawal scheme was 40 years old and employed in hospitality, arts, recreation, manufacturing or wholesale trade industries.
Mortgages deferred en masse
APRA's data coincides with the Australian Banking Association (ABA) reporting that its 22 member banks have deferred payments of nearly half a million mortgages.
One in fourteen of the banks' mortgage books have deferred, totalling 429,000 home loans for a total value of $153.5 billion.
In total, more than 700,000 loans have been deferred (mortgages or otherwise), totalling $211 billion.
ABA chief Anna Bligh said mortgage deferrals provide households with much-needed breathing space.
“Banks are here to support customers throughout the crisis and help the economy on the other side as we recover from the devastating effects of this pandemic,” she said.
“Australian families who are financially affected by this crisis have had the breathing space they need with a six month deferral on their home loan repayment while they chart a path through to the other side of this downturn."
Mortgage deferrals can leave households owing thousands more on their mortgages over the life of the loan, as interest is capitalised, meaning it still accrues during the six-month 'holiday'.
Household impacts of COVID-19
Data collected by the Australian Bureau of Statistics (ABS) from 29 April to 4 May reveals loneliness is the most reported personal stressor during COVID-19.
ABS program manager for household surveys Michelle Marquardt said loneliness affected more women (28%) than men (16%).
“Around one in five people (19%) also reported that they were experiencing difficulties maintaining a healthy lifestyle, which was more of a problem for those aged 18 to 64 years (22%) than those aged 65 years and over (9%),” she said.
Just 10% are seeking support during the pandemic.
Nearly half (46%) are also working from home, with more than half of women working from home.
The data also revealed 94% are continuing social distancing measures, while 85% are avoiding public spaces.
Note that the period was before many states started easing restrictions around shopping centres, pubs, and cafes.
Last week it was also revealed more than three quarters of Australians are feeling financially stressed due to COVID-19.
If you would like to talk to someone about your mental health, you can contact Beyond Blue on 1300 22 4636 or Lifeline on 13 11 14.
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