APRA releases superannuation statistics for December 2022
The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the December 2022 quarter.
Key statistics for the superannuation industry as at 31 December 2022:
| December 2021 | December 2022 | Change |
Total superannuation assets | $3,489.9 billion | $3,386.9 billion | -3.0% |
Total APRA-regulated assets | $2,368.9 billion | $2,300.1 billion | -2.9% |
Of which: total assets in MySuper products | $946.8 billion | $917.3 billion | -3.1% |
Total self-managed super fund assets | $901.8 billion | $880.6 billion | -2.4% |
Exempt public sector superannuation schemes assets | $166.6 billion | $155.2 billion | -6.8% |
Balance of life office statutory fund assets | $52.5 billion | $51.1 billion | -2.7% |
Superannuation assets totalled around $3.4 trillion at the end of December 2022, a 3.0 per cent decrease in value over the past year. This reflected volatility in financial markets following aggressive monetary tightening by global central banks to curb inflation, which slowed economic growth.
Contributions totalled $154.4 billion over the year, an increase of 11.0 per cent from the previous year. Employer contributions increased by 11.8 per cent over the year to $114.9 billion, likely supported by the Superannuation Guarantee increase to 10.5 per cent per annum from 1 July 2022 and the declining unemployment rate over 2022 to historically low levels. Member contributions increased by 8.6 per cent over the year to $39.5 billion.
Benefit payments totalled $91.6 billion, increasing 11.3 per cent over the year. Of this, lump sum payments totalled $50.2 billion, an increase of 17.6 per cent over the year, and pension payments totalled $41.3 billion over the year, an increase of 4.5 per cent. Both increases are in-line with longer term trends due to a maturing superannuation system and ageing population.
Key statistics for entities with more than six members for the year ended 31 December 2022:
| December 2021 | December 2022 | Change |
Total contributions | $139.2 billion | $154.4 billion | +11.0% |
Total benefit payments | $82.3 billion | $91.6 billion | +11.3% |
Net contribution flows | $58.7 billion | $64.1 billion | +9.1% |
Copies of the publication are available on APRA’s website at: Quarterly superannuation statistics.
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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.