Infographic - Quarterly Superannuation Industry publication March 2024 accessible version

This infographic is from the Quarterly Superannuation Industry Publication.

Box 1 - Totals

As at 31 March 2024, total member assets of the Superannuation Industry were $2.38 trillion^{^}, spread across 1,011 superannuation products and 22.8 million member accounts.
Of the 1,011 superannuation products, 59 were MySuper products*, 830 were Choice products and 122 were defined benefit products.
Of the $2.38 trillion of member assets, $1,006 billion were in MySuper products, $1,224 billion were in Choice products and $151 billion were in Defined Benefit products.
Of the 22.8 million member accounts, 14.7 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 830 Choice products,478 were Accumulation products, 121 were Transition to Retirement products and 231 were Retirement products.
Of the $1,224 billion of member assets in Choice products, $760 billion were in accumulation products, $13 billion were in Transition to retirement products and $451 billion were in Retirement products.
Of the 7.4 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 $68k.
Choice accumulation members has an average account balance of $126k.
Choice transition to retirement members had an average account balance of $216k.
Choice retirement members had an average account balance of $355k.
Defined benefit members had an average account balance of $205k.

Box 4 – Choice product Investment Option Breakdown

There were 32,419 choice single sector investment options making up 28.6% of member assets in choice products.
There were 12,224 choice multi-sector investment options, making up 65.9% of member assets in choice products.
There were 125,539 choice direct assets investment options, making up 5.4% of member assets in choice products.

Box 5 - Investments via platform products

Investments via platform products represented $346.1 billion or 28.3% 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 2024 and covers all APRA regulated superannuation entities with more than four members. Product composition data excludes Exempt Public Sector Superannuation Scheme entities.