APRA releases superannuation statistics for June 2023
The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the June 2023 quarter.
Key statistics for the superannuation industry as at 30 June 2023:
| June 2022 | June 2023 | Change |
Total superannuation assets | $3,290.7 billion | $3,541.4 billion | +7.6% |
Total APRA-regulated assets | $2,243.6 billion | $2,452.5 billion | +9.3% |
Of which: total assets in MySuper products | $881.1 billion | $996.0 billion | +13.0% |
Total self-managed super fund assets | $843.7 billion | $876.4 billion | +3.9% |
Exempt public sector superannuation schemes assets | $154.3 billion | $162.6 billion | +5.4% |
Balance of life office statutory fund assets | $49.0 billion | $49.9 billion | +1.8% |
The growth in superannuation over the past year was driven by strong contribution inflows, reflecting higher employment growth, higher wage inflation and strong investment market returns.
Contributions increased by 12.9 per cent to $165.2 billion in the year ending in June 2023. Employer contributions increased by 12.9 per cent over the year to $122.5 billion. Member contributions increased by 13.1 per cent over the year to $42.7 billion.
Benefit payments reached $102.1 billion (increasing by 19.6 per cent over the year). Of this, lump sum payments rose by 31.9 per cent over the year to $58.8 billion and pension payments increased by 6.1 per cent to $43.3 billion in the year. Net contribution flows fell by 4.5 per cent compared to flows in the year to June 2023. Growth in benefit payments outpaced growth in total contributions.
Key statistics for entities with more than six members for the four quarters to June 2023:
| June 2022 | June 2023 | Change |
Total contributions | $146.3 billion | $165.2 billion | +12.9% |
Total benefit payments | $85.4 billion | $102.1 billion | +19.6% |
Net contribution flows* | $63.7 billion | $60.8 billion | -4.5% |
*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.