Members and employers put more into super in the June quarter with total assets increasing by 2.2 per cent or $35.1 billion, according to the Australian Prudential Regulation Authority's (APRA's) quarterly superannuation data.
Superannuation assets increased 15.5 per cent to $1.62 trillion for the 2013 financial year while total assets increased by 2.2 per cent for the June quarter.
Contributions to larger funds were $25.9 billion in the June quarter, an increase of 24.6 per cent ($5.1 billion) compared to March. Employers contributed $19.6 billion, an increase of 16.3 per cent on the March quarter while members contributed $6.1 billion, an increase of 62.4 per cent on March figures.
Retail funds received 34.4 per cent ($8.9 billion), industry funds 32.9 per cent ($8.5 billion), public sector funds 29.2 per cent ($7.6 billion) and corporate funds 3.5 per cent ($0.9 billion).
Outward rollovers exceeded inward rollovers - retail funds had net outward rollovers of $145 million, industry funds $347 million, corporate funds $627 million and public sector funds $659 million.
The total estimated assets of public sector funds increased by 3.9 per cent ($9.6 billion) to $256.8 billion, industry funds increased by 3.8 per cent ($11.8 billion) to $323.2 billion, corporate funds increased by 2.2 per cent ($1.3 billion) to $61.7 billion while retail funds increased 1.8 per cent ($7.4 billion) to $422.4 billion.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.