Over the week to 10 May, super funds made payments to 390,000 members – bringing the total number of payments to 1.19 million since inception. The total value of payments over the week was $2.7 billion and $9 billion since inception, while the average payment since inception is now $7,546.
The number of new claims has also continued to decrease. A total of 1.077 million applications had been received and 809,000 applications had been paid during the week ending 3 May 2020. A total of 1.334 million applications had been received and 1.188 applications had been paid to the week ending 10 May.
The 10 funds with the highest number of applications from the ATO have made 795,000 payments worth a total of $5.596 billion. The average payment from those funds was $7,664 with over 93 per cent of payments made within five days.
AustralianSuper has paid out the most – more than $1.42 billion.
Payments have taken an average of 3.3 business days after receipt of the application from the ATO and 94.4 per cent have been made within five business days.
