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Retirement

Total super assets surpass $3 trillion

By Reporter
  • May 26 2021
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Retirement

Total super assets surpass $3 trillion

By Reporter
May 26 2021

Collectively, Australia now has more than $3 trillion in its retirement nest egg, new official figures have revealed.

Total super assets surpass $3 trillion

Total super assets surpass $3 trillion

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By Reporter
  • May 26 2021
  • Share

Collectively, Australia now has more than $3 trillion in its retirement nest egg, new official figures have revealed.

Total super assets surpass $3 trillion

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.

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“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.

Total super assets surpass $3 trillion
Total super assets surpass $3 trillion
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