APRA increases transparency with new super publication

The Australian Prudential Regulation Authority (APRA) has released the first in a series of new statistical publications to improve the transparency of the superannuation industry. 

The inaugural Quarterly Superannuation Industry Publication includes new and expanded data collected as part of APRA’s recently introduced Superannuation Data Transformation reporting standards.

For the first time, published data includes information on the number and types of products and investment options available in the superannuation industry. It also includes quarterly data on member demographics, such as gender, age and account balances, which were previously only published annually, as well as improved classification of MySuper product asset allocations.

Key insights from the new publication include:

• As at the quarter ending 30 June 2022, there were 69 MySuper products, 956 Choice products and 142 Defined Benefit products in APRA-regulated entities with more than four members;  
  
   
• Of the $1.95 trillion in member assets held in these products, 41.5 per cent is held in MySuper products, 51 per cent in Choice products and 7.5 per cent in Defined Benefit products; and 
  
   
• In the Choice product segment, there were around 10,000 multi sector investment options, 30,000 single sector investment options and 116,000 direct asset investment options available to members to invest in directly, such as shares or term deposits.

APRA Member Margaret Cole said: “This milestone publication reflects the progress APRA has made to improve the breadth, depth and quality of industry data as part of our multi-year Superannuation Data Transformation project.  

“We look forward to sharing insights through this and future editions of our new superannuation publications.”

APRA announced the launch of a new series of quarterly and annual superannuation publications in July, after consulting widely with industry.

APRA’s Superannuation Data Transformation was launched in 2019 to drive better industry practices and improve member outcomes by significantly enhancing the comparability and consistency of reported data. 

A copy of the new publication is available on the APRA website at: Quarterly Superannuation Industry Publication.