APRA increases transparency with enhancements to annual superannuation publications
The Australian Prudential Regulatory Authority (APRA) has published its annual superannuation statistics publications for 2024. For the first time, these annual publications include fund-level expenditure and detailed insurance data which will form part of the publications going forward. The first release of expenditure data occurred in October last year.
On expenditure, the new data shows that total industry expenditure was $12.7 billion for the year ending June 2024, an increase of 15 per cent from the financial year ending June 2023. This increase slightly exceeds growth in assets across the industry over the same period.
As outlined in a letter to trustees in October 2024, APRA is using the data to review and scrutinise expenditure across the industry where member benefits may not be evident. APRA will provide updates on its work in this area over the coming months.
The new data, for the first time, also includes fund-level insurance information, covering claims, coverage, premiums, and member engagement metrics. The resulting transparency from this additional data will help to increase the value insurance brings to superannuation and support timely claims processing.
Deputy Chair Margaret Cole noted that trustees have the enormous responsibility of managing and protecting the retirement savings of millions of Australians.
“Increased transparency and scrutiny of super fund expenditure are crucial since trustee decisions have direct implications for their members.
“The first-time release of fund-level insurance data will enhance transparency and hold trustees and insurers accountable to improve the value and service members receive,” she said.
APRA is continuing to work closely with the Australian Securities and Investments Commission (ASIC) to ensure positive outcomes for members.
The expenses and fund-level insurance data will be published annually. You can find the data for the financial year 2023-24 as supplementary tables to the following publications:
Media enquiries
Contact APRA Media Unit, on +61 2 9210 3636
All other enquiries
For more information contact APRA on 1300 558 849.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.