APRA releases superannuation statistics for June 2022
The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication for the June 2022 quarter.
Key statistics for the superannuation industry as at 30 June 2022:
| June 2021 | June 2022 | Change |
Total superannuation assets | $3,327.9 billion | $3,312.5 billion | -0.5% |
Total APRA-regulated assets | $2,266.2 billion | $2,241.0 billion | -1.1% |
Of which: total assets in MySuper products | $901.7 billion | $884.5 billion | -1.9% |
Total self-managed super fund assets | $843.7 billion | $868.7 billion | +3.0% |
Exempt public sector superannuation schemes assets | $163.9 billion | $153.8 billion | -6.2% |
Balance of life office statutory fund assets | $54.0 billion | $49.0 billion | -9.3% |
Superannuation assets totalled over $3.3 trillion at the end of the June 2022, a 0.5 per cent decrease in the value over the past year. This reflected volatility in financial markets following global interest rate increases in response to high levels of inflation, constrained supply chains and the ongoing uncertainty due to the conflict in Ukraine.
Contributions totalled $146.5 billion over the year, an increase of 15.2 per cent from the previous year. The strong increase in contributions is due to increases in both employer and personal member contributions, likely reflecting unemployment rates having dropped to record lows over the year. Employer contributions increased by 10.2 per cent over the year totalling $108.6 billion, further supported by the increase in the Superannuation Guarantee contribution rate to 10.0 per cent per annum effective from 1 July 2021. Personal member contributions increased by a significant 32.7 per cent over the year to $35.3 billion, also buoyed by the accumulation of household savings during the onset of COVID-19.
Benefit payments totalled $85.8 billion, declining 9.5 per cent over the year. Of this, lump sum payments totalled $45.0 billion, a decline of 20.1 per cent over the year, reflecting benefit payments returning to longer term trends after the closure of the Early Release Scheme. Pension payments totalled $40.9 billion over the year, an increase of 6.1 per cent, in line with long term trends and expected rises in living costs.
Key statistics for entities with more than four members for the year ended 30 June 2022:
| June 2021 | June 2022 | Change |
Total contributions | $127.2 billion | $146.5 billion | +15.2% |
Total benefit payments | $94.8 billion | $85.8 billion | -9.5% |
Net contribution flows | $33.8 billion | $63.6 billion | +88.1%1 |
Copies of the publication are available on APRA’s website at: Quarterly superannuation statistics.
Footnotes:
1 Net contribution flows for the year ended 30 June 2022 was significantly higher due to closure of ERS scheme and strong growth in contributions.
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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.