Retirement
Total super assets surpass $3 trillion
Collectively, Australia now has more than $3 trillion in its retirement nest egg, new official figures have revealed.
Total super assets surpass $3 trillion
Collectively, Australia now has more than $3 trillion in its retirement nest egg, new official figures have revealed.
Stats released by the Australian Prudential Regulation Authority (APRA) show the lift in superannuation was predominantly due to strong performance from funds following the COVID-19 recovery.
Superannuation assets totalled over $3.1 trillion at the end of the March 2021 quarter. This was a 15.1 per cent increase in the value of total superannuation assets over the 12 months to 31 March 2021.
Despite the government’s early access to super scheme, which saw 3 million members withdraw more than $36 billion during the recession, Australians have collectively added more to their super over the last 12 months.
“Total contributions increased 0.8 [of a percentage point] over the year to 31 March 2021. Over this period, employer contributions ($97.8 billion) increased 3.0 per cent, of which super guarantee contributions ($73.2 billion) increased 5.4 per cent,” APRA said.
“Member contributions ($23.4 billion) declined by 7.3 per cent over the year; however, positive quarter-on-quarter growth in personal contributions over the past two quarters indicate a return to long-term trend levels.”
MySuper products were the major winners, APRA revealed, growing by 19.3 per cent to $850 billion over the last 12 months.
Self-managed super funds grew by 13.4 per cent to $787.1 billion and exempt public sector superannuation scheme assets grew by 10.6 per cent.
The prudential regulator also noted the boost in superannuation was due to a reduction in benefits payments, with lump-sum and pension payments returning to pre-COVID levels.
“Consequently, net contribution flows remained positive at $10.2 billion for this quarter, a 25.2 per cent increase on the December quarter,” APRA concluded.
RELATED ARTICLES
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Aware Super appoints Simon Warner as Chief Investment Officer
Aware Super has announced the appointment of Simon Warner as Chief Investment Officer, effective 1 December 2025, following a competitive global search to replace outgoing CIO Damian Graham, who ...Read more
Superannuation
Employers call for pragmatic safeguards to ensure Payday Super reform succeeds
Employment Hero chief executive Ben Thompson has urged the federal government to introduce a phased rollout and reciprocal safeguards to support small businesses as the Payday Super reform approaches ...Read more
Superannuation
Aware Super elevates tech leadership with strategic appointment of Richard Exton
Aware Super, one of Australia's largest industry super funds, has announced a pivotal appointment to its executive team, underscoring the growing importance of technology, data, and artificial ...Read more
Superannuation
Rest appoints Marina Pasika as interim head of private markets
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Marina Pasika as the Interim Head of Private Markets. This decision comes as the fund embarks ...Read more
Superannuation
Payday Super bill introduces new challenges for SMBs, reveals Employment Hero CEO
The introduction of the Payday Super bill to the Australian Parliament has sparked a significant response from the business community, particularly among small and medium-sized businesses (SMBs)Read more
Superannuation
Rest urges Parliament to expedite payday super legislation
In a significant move towards enhancing retirement outcomes for Australian workers, Rest, one of the country's largest profit-to-member superannuation funds, has expressed strong support for the ...Read more
Superannuation
Recalibrated super performance test aims to enhance accountability and investment opportunities
In a move that signals a shift rather than a cessation, Australia's government has announced a targeted review of the superannuation performance test. This recalibration, prompted by the latest ...Read more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Aware Super appoints Simon Warner as Chief Investment Officer
Aware Super has announced the appointment of Simon Warner as Chief Investment Officer, effective 1 December 2025, following a competitive global search to replace outgoing CIO Damian Graham, who ...Read more
Superannuation
Employers call for pragmatic safeguards to ensure Payday Super reform succeeds
Employment Hero chief executive Ben Thompson has urged the federal government to introduce a phased rollout and reciprocal safeguards to support small businesses as the Payday Super reform approaches ...Read more
Superannuation
Aware Super elevates tech leadership with strategic appointment of Richard Exton
Aware Super, one of Australia's largest industry super funds, has announced a pivotal appointment to its executive team, underscoring the growing importance of technology, data, and artificial ...Read more
Superannuation
Rest appoints Marina Pasika as interim head of private markets
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Marina Pasika as the Interim Head of Private Markets. This decision comes as the fund embarks ...Read more
Superannuation
Payday Super bill introduces new challenges for SMBs, reveals Employment Hero CEO
The introduction of the Payday Super bill to the Australian Parliament has sparked a significant response from the business community, particularly among small and medium-sized businesses (SMBs)Read more
Superannuation
Rest urges Parliament to expedite payday super legislation
In a significant move towards enhancing retirement outcomes for Australian workers, Rest, one of the country's largest profit-to-member superannuation funds, has expressed strong support for the ...Read more
Superannuation
Recalibrated super performance test aims to enhance accountability and investment opportunities
In a move that signals a shift rather than a cessation, Australia's government has announced a targeted review of the superannuation performance test. This recalibration, prompted by the latest ...Read more
