The average rate of return for a super fund with more than four members was 10.5 per cent at the end of March 2017 and the five-year annualised average rate of return was 8.6 per cent, APRA said.

The total assets in these funds also increased, up 11.2 per cent during the 12 months from March 2016 to March 2017, the regulator revealed.

In the March quarter 2017 alone, total assets grew 2.4 per cent, bringing the total assets in funds with more than four members to $1.5 trillion.

APRA’s findings showed 50.2 per cent of this $1.5 trillion was invested in equities, 23.6 per cent in Australian listed equities and 22.6 per cent in international listed equities.

Fixed income and cash were the second biggest asset class by volume, accounting for 32.6 per cent of investments held by funds with more than four people, followed by property and infrastructure at 13.3 per cent.

The March quarter 2017 also saw the volume of contributions grow to $26.9 billion, 12.3 per cent higher than that seen in the same quarter of the previous year.