Less super released early

There was a small drop in the number of claims for the early release of superannuation in the year to June 2009, the annual report of the Australian Prudential Regulation Authority shows.

The amount of benefits released early increased three-fold over the five years to 2008, and was taken as a possible indicator of mortgage stress, given the ability to tap into super to avoid repossession was one ground for doing so.

Much lower interest rates over the last year and the flow of government assistance to families and taxpayers will have reduced demand from stressed borrowers.

In 2008/09 APRA approved $144 million in super savings for early release, down 17 per cent on 2008. The average amount released was $12,900, a slight increase on the average in 2008.