APRA releases superannuation statistics for March 2022
The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the March 2022 quarter.
Key statistics for the superannuation industry as at 31 March 2022:
| March 2021 | March 2022 | Change |
|---|---|---|---|
Total superannuation assets | $3,136.2 billion | $3,441.5 billion | +9.7% |
Total APRA-regulated assets | $2,131.9 billion | $2,337.2 billion | +9.6% |
Of which: total assets in MySuper products | $840.5 billion | $927.9 billion | +10.4% |
Total self-managed super fund assets | $796.1 billion | $892.0 billion | +12.0% |
Exempt public sector superannuation schemes assets | $157.6 billion | $161.8 billion | +2.7% |
Balance of life office statutory fund assets | $50.6 billion | $50.4 billion | -0.4% |
Superannuation assets totalled over $3.4 trillion at the end of the March 2022. This was a 9.7 per cent increase in the value of total superannuation assets over the past year, reflecting strong investment performance and positive contributions growth due to COVID-19 fiscal stimulus received over the period. However, the March 2022 quarter reflects contributions beginning to revert to long-term trends and weaker investment performance due to concerns over higher interest rates with rising inflation exacerbated by constrained supply chains, and the uncertainty brought about by the conflict in Ukraine.
Contributions totalled $141.6 billion, an increase of 16.9 per cent for the year ending March 2022. Over this period, employer contributions increased by 6.6 per cent totalling $104.2 billion, of which Superannuation Guarantee contributions ($77.3 billion) increased 5.3 per cent. Member contributions ($37.4 billion) increased 60.0 per cent over this period, of which personal contributions ($34.9 billion) increased 61.7 per cent. This contributions growth can be largely attributed to the increase in household savings during the onset of COVID-19, although member contribution levels have begun to revert back to longer term trends in the past two quarters.
Benefit payments totalled $83.9 billion, declining 23.8 per cent for the year ending March 2022. Of this, lump sum payments totalled $44.1 billion, a decline of 38.0 per cent over the year, reflecting the closure of the Early Release Scheme and lump sum payments returning to average levels. Pension payments totalled $39.8 billion over the year, an increase of 2.3 per cent.
Key statistics for entities with more than four members for the year ended 31 March 2022:
| March 2021 | March 2022 | Change |
Total contributions | $121.2 billion | $141.6 billion | +16.9% |
Total benefit payments | $110.1 billion | $83.9 billion | -23.8% |
Net contribution flows | $9.8 billion | $58.9 billion | +500.8%[1] |
Copies of the publication are available on APRA’s website at: Quarterly superannuation statistics.
Footnote:
1 Net contribution flows for the year ended 31 March 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.