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Superannuation assets reach $3.4 trillion
Total superannuation assets increased by 17.5% over the last year to $3.4 trillion, according to the Australian Prudential Regulation Authority (APRA).
Contributions increased by 11.6% for the year ending 30 September, 2021, totalling $134.1 billion.
Employer contributions totalled $100.6 billion, of which $74.2 billion was from super guarantee contributions.
Member contributions increased 43.6% to $33.5 billion while personal contributions increased 45% to $31.2 billion.
APRA said member contributions made in the three months to September 2021 reduced from the June quarter but “have persisted to remain at a higher level than long-term trend”.
Benefit payments totalled $81.8 billion which was a decline of 27.1% for the year while lump sum payments totalled $42.5 billion.
This was a decline of 41.2% in lump sum payments over the year which APRA said reflected benefit payments returning to historically average levels and removing the effects of the early release of super scheme last year.
Trends for entities for more than four members for the year ended 30 September 2021
Source: APRA
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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