APRA releases superannuation statistics for December 2023
The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the December 2023 quarter.
Key statistics for the superannuation industry as at 31 December 2023:
| December 2022 | December 2023 | Change |
|---|---|---|---|
Total superannuation assets | $3,360.1 billion | $3,695.5 billion | +10.0% |
Total APRA-regulated assets | $2,300.6 billion | $2,568.1 billion | +11.6% |
Total self-managed super fund assets | $854.6 billion | $913.7 billion | +6.9% |
Exempt public sector superannuation schemes assets | $155.2 billion | $163.8 billion | +5.5% |
Balance of life office statutory fund assets | $49.7 billion | $49.9 billion | +0.4% |
The growth in total superannuation assets for the year ending in December 2023 was driven by continued strong contribution inflows and a 9.5 per cent rate of return. Total superannuation assets increased by 3.8 per cent the December 2023 quarter, driven by a 4.3 per cent rate of return for APRA-regulated assets over the quarter.
Contributions increased by 11.7 per cent to $172.6 billion in the year ending in December 2023. Employer contributions increased by 13.0 per cent over the year to $129.9 billion. Member contributions increased by 8.0 per cent over the year to $42.7 billion.
Benefit payments increased by 21.5 per cent to $111.1 billion in the year ending in December 2023. This 21.5 per cent increase was the result of lump sum payments rising by 26.3 per cent to $63.2 billion and pension payments increasing by 15.7 per cent to $47.9 billion.
Key statistics for entities with more than six members for the four quarters to December 2023:
| December 2022 | December 2023 | Change |
|---|---|---|---|
Total contributions | $154.5 billion | $172.6 billion | +11.7% |
Total benefit payments | $91.4 billion | $111.1 billion | +21.5% |
Net contribution flows* | $64.1 billion | $57.7 billion | -9.9% |
*Net contribution flows comprise of contributions plus net benefit transfers, less benefit payments
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.