There were a further 21,000 superannuation members who applied for the early release of their super in the week before the scheme ended, with 31% representing repeat applications, according to data.
Almost three-quarters of fund professionals expect to see consolidation of the superannuation industry this year in a bid to reduce costs, according to Calastone.
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APRA announces $46 billion reduction in aggregate Committed Liquidity Facility
The Australian Prudential Regulation Authority (APRA) has issued a letter to authorised deposit-taking institutions (ADIs) announcing a $46 billion reduction in the aggregate amount in the Committed Liquidity Facility (CLF), from the amount as at 1 December 2020. The CLF was established between the Reserve Bank of Australia (RBA) and certain locally incorporated ADIs that are subject to the Liquidity Coverage Ratio (LCR).
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