APRA releases superannuation statistics for March 2023
The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the March 2023 quarter.
Key statistics for the superannuation industry as at 31 March 2023:
| March 2022 | March 2023 | Change |
|---|---|---|---|
Total superannuation assets | $3,456.5 billion | $3,493.5 billion | +1.1% |
Total APRA-regulated assets | $2,330.5 billion | $2,392.6 billion | +2.7% |
Of which: total assets in MySuper products | $924.7 billion | $964.5 billion | +4.3% |
Total self-managed super fund assets | $913.4 billion | $889.5 billion | -2.6% |
Exempt public sector superannuation schemes assets | $161.8 billion | $160.4 billion | -0.9% |
Balance of life office statutory fund assets | $50.8 billion | $51.0 billion | +0.4% |
Superannuation assets increased by 1.1 per cent over the past year to around $3.5 trillion at the end of March 2023. This reflected a rebound in financial markets over the December 2022 and March 2023 quarters and continued strong contribution inflows. Contribution flows were in part driven by the Superannuation Guarantee (SG) increase to 10.5 per cent from 1 July 2022 and strong employment.
Contributions increased by 11.3 per cent to $159.0 billion in the year ending in March 2023. Employer contributions increased by 12.6 per cent over the year to $118.6 billion. Member contributions increased by 7.5 per cent over the year to $40.4 billion.
Benefit payments reached $95.8 billion (increasing 13.8 per cent over the year). Of this, lump sum payments rose 20.8 per cent over the year to $53.5 billion and pension payments increased to $42.3 billion over the year, which represents an increase of 6.1 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 four quarters to March 2023:
| March 2022 | March 2023 | Change |
|---|---|---|---|
Total contributions | $142.9 billion | $159.0 billion | +11.3% |
Total benefit payments | $84.2 billion | $95.8 billion | +13.8% |
Net contribution flows | $62.1 billion | $62.2 billion | +0.2% |
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.