The first week of the superannuation early release initiative produced 665,310 applications with members paid a total of A$1.3 billion.

The Australian Prudential Regulation Authority has released early release data for the week ending April 26. Of the 665,310 applications received, 162,879 were paid.

The average benefit was $8002, with applications being processed in an average of 1.6 days.

The Australian Institute of Superannuation Trustees, which represents profit-to-member funds, reported that members funds were readily able to meet early release requests.

The AIST estimated that $7.5 billion has been approved for release.

The Association of Superannuation Funds of Australia estimates that by 30 April 855,000 payments had been made, worth $7.1 billion.

Super fund members can make applications for up to $10,000 until 30 June and then a further $10,000 between 1 July and 24 September.

Hostplus had received 84,613 applications by April 24 and paid $603 million.

Rest reported that since April 25 it had made 59,561 payments worth a total of $443 million.