Infographic - Quarterly Superannuation Industry publication March 2023 accessible version

This infographic is from the Quarterly Superannuation Industry Publication.

Box 1 - Totals

As at 31 March 2023, total member assets of the Superannuation Industry were $2.1 trillion^, spread across 1,161 superannuation products and 22.2 million member accounts.
Of the 1,161 superannuation products, 69 were MySuper products*, 954 were Choice products and 138 were defined benefit products.
Of the $2.1 trillion of member assets, $875 billion were in MySuper products, $1,090 billion were in Choice products and $135 billion were in Defined Benefit products.
Of the 22.2 million member accounts, 14.1 million were in MySuper products, 7.4 million were in Choice products and 0.7 million were in Defined benefit products.

Box 2 – Choice products

Of the 954 Choice products, 530 were Accumulation products, 148 were Transition to Retirement products and 276 were Retirement products.
Of the $1,090 billion in Choice products, $682 billion were in accumulation products, $12 billion were in Transition to retirement products and $396 billion were in Retirement products.
Of the 7.2 million member accounts in Choice products, 6.1 million were in accumulation products, 0.1 million were in Transition to retirement products and 1.3 million were in Retirement products.

Box 3 – Average member account balances

MySuper members had an average account balance of $62k.
Choice accumulation members has an average account balance of $112k.
Choice transition to retirement members had an average account balance of $192k.
Choice retirement members had an average account balance of $316k.
Defined benefit members had an average account balance of $150k.

Box 4 – Choice product Investment Option Breakdown

There were 29,932 choice single sector investment options making up 28.1% of member assets in choice products.
There were 9,742 choice multi-sector investment options, making up 62.9% of member assets in choice products.
There were 124,126 choice direct assets investment options, making up 9.0% of member assets in choice products.

Box 5 - Investments via platform products

Investments via platform products represented $298 billion or 27.3% in choice member assets.
Box 6 - Member Accounts and Average Balance by Age
This chart shows the number of member accounts and average member balance between age brackets under 25 years of age and over 85 years of age.

Footnotes

^Data is current as at 31 March 2023 and covers all APRA regulated superannuation entities with more than four members. Product composition data excludes Exempt Public Sector Superannuation Scheme entities.

* There is a difference of $90 billion in investments which were classified as MySuper investments in the previous publication (Quarterly Superannuation Performance). The majority of the difference is due to members who have a partial interest in the option underlying the MySuper product, as well as an interest in other investment options available through a Choice product. These members and the associated member assets are included in totals for choice products, and are excluded from the MySuper product classification. The remaining amount is due to reclassification of investments as not being a MySuper interest, and differences in the definition of total investments. See explanatory notes for further information.