APRA releases superannuation statistics for September 2023
The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the September 2023 quarter.
Key statistics for the superannuation industry as at 30 September 2023:
| September 2022 | September 2023 | Change |
|---|---|---|---|
Total superannuation assets | $3,281.1 billion | $3,560.5 billion | +8.5% |
Total APRA-regulated assets | $2,239.5 billion | $2,465.7 billion | +10.1% |
Of which: total assets in MySuper products | $887.4 billion | $1,000.4 billion | +12.7% |
Total self-managed super fund assets | $837.5 billion | $884.6 billion | +5.6% |
Exempt public sector superannuation schemes assets | $153.2 billion | $160.0 billion | +4.4% |
Balance of life office statutory fund assets | $50.8 billion | $50.2 billion | -1.2% |
The growth in total superannuation assets over the year ending in September 2023 was driven by continued strong contribution inflows and positive investment returns. However, total superannuation assets declined over the September 2023 quarter due to an increase in member benefit payments and negative investment returns in the quarter.
Contributions increased by 12.5 per cent to $169.0 billion in the year ending in September 2023. Employer contributions increased by 13.7 per cent over the year to $126.3 billion. Member contributions increased by 9.0 per cent over the year to $42.7 billion.
Benefit payments increased by 21.8 per cent to $107.5 billion in the year ending in September 2023. Of this, lump sum payments rose by 30 per cent over the year to $62.0 billion and pension payments increased by 12.2 per cent to $45.5 billion in the year.
Key statistics for entities with more than six members for the four quarters to September:
| September 2022 | September 2023 | Change |
|---|---|---|---|
Total contributions | $150.2 billion | $169.0 billion | +12.5% |
Total benefit payments | $88.2 billion | $107.5 billion | +21.8% |
Net contribution flows* | $63.9 billion | $57.9 billion | -9.3% |
*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.
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.