The Australian Prudential Regulatory Authority (APRA) has released its Quarterly superannuation performance statistics highlights for the March quarter.
This report shows that total superannuation assets rose by 9.7% in the year to March, to $3.44 trillion:
Part of the increase in superannuation assets was caused by rising contributions, which totalled $141.6 – an increase of 16.9% for the year ending March 2022. These inflows far outweighed benefit payments, which totalled $83.9 billion – down 23.8% for the year ending March 2022:
industry super funds’ assets under management rose by 13.4 per cent to a record $1.1trn. This was primarily due to the creation of the Australian Retirement Trust; the new industry fund saw Sunsuper merge with the public-sector fund QSuper. This in turn saw public-sector funds’ assets under management fall by 23 per cent to $488bn.
Industry super funds’ assets under management rose by 13.4% to a record high $1.1 trillion. This was primarily due to the creation of the Australian Retirement Trust – a new industry fund that saw Sunsuper merge with the public-sector fund QSuper. This, in turn, saw public-sector funds’ assets under management fall by 23% to $488 billion.
The creation of Australian Retirement Trust – Australia’s second-largest super fund – means that industry funds now manage almost one in every three dollars in Australia’s superannuation system.
