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.
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