This is $973 more, on average, than those who made their initial withdrawal application.

This is according to the Australian Prudential Regulation Authority's (APRA) report released today.

In total, out of 4.5 million applications, 1.3 million have been repeat applications since inception, or about 29%.

The proportion of double-dippers was greater in the week ending 4 October, with about 31,000 applications in total, with nearly 12,000 of those being repeat applications, for an overall value of $241 million. 

However, the average value of repeat withdrawals was $7,301 in the week ending 4 October, about $8 less than initial applications.

The super fund that has paid out the most since inception has been Australian Super, at about $4.726 billion.

In total, $34.1 billion has been drained from superannuation accounts since the program took off in late April.

Need somewhere to store cash and earn interest? The table below features introductory and ongoing savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money

    Saver Account (<$250k)

    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money
    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    No monthly fees
    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    No monthly fees

    Save Account

    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of March 4, 2024. View disclaimer.

        Under-performing super funds put on notice

        APRA's deputy chair Helen Roswell has issued a warning shot to underperforming superannuation funds.

        "The industry has been on notice for years that chronic underperformers need to improve or hand the keys over to someone who can drive better outcomes for their members," she said.

        "Self-interest has no place in the board room, and this will continue to be a focus of APRA’s work to lift governance practices across the industry."

        Ms Roswell made these remarks at the Australian Institute of Superannuation Trustees' (AIST) 'Online Chairs Forum' on Monday afternoon. 

        Such governance practices include issuing best-practice mandates, tighter scrutiny on superannuation boards, and clamping down on maximum terms for directors. 

        "If these boards are failing to ask themselves the question 'Would my members be better served in another fund?' we certainly will be, and will also be requiring action to move toward the exit lane," Ms Roswell said.

        The remarks come after Treasurer Josh Frydenberg outlined in last week's Budget announcement a range of new superannuation reforms, including the provision that new employees will not have a new super account automatically created for them every time they start a new job, as well as annual performance tests for funds.





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