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Super contributions on track
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.
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