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Quarterly superannuation performance statistics highlights - September 2024

Highlights

Industry overview

Total superannuation assets increased by 3.7 per cent over the quarter to reach $4.1 trillion as at September 2024 (Chart 1), of which $2.8 trillion are in APRA-regulated funds. Superannuation returns were strong over the last 12 months, with a 13.4 per cent return in the year to September 2024.

Chart 1: Assets of superannuation entities

Chart 1: Assets of superannuation entities

Entities with more than 6 members

The comments below relate to superannuation entities with more than six members. 

Contributions, benefit transfers and benefit payments

Total contributions were $49.4 billion for the quarter and reached $191.3 billion in the year ending September 2024, an increase of 13.1 per cent from the previous year. Of this, members contributed $50.5 billion over the year and $14.9 billion in the September quarter, a decrease of 21.0 per cent compared to the June quarter. This decrease is expected with members maximising their annual contribution limits before the end of the financial year. Employer contributions were $34.5 billion for the quarter and $140.8 billion for the year ending September 2024, 11.4 per cent higher compared to the previous year. This growth was driven by the increasesin the super guarantee rate to 11.0 per cent from July 2023 and 11.5 per cent from July 2024, and seasonally adjusted wages rising by 3.5 per cent for the year

Benefit payments totalled $119.9 billion for the year ending September 2024, an 11.4 per cent increase from the year to September 2023. This increase is attributable to a 20.3 per cent increase in pension payments and a 4.9 per cent increase in lump sum payments over the year to September 2024. Total benefit payments for the quarter comprised of $17.7 billion of lump sum benefit payments and $14.0 billion of pension payments (Chart 2).

Net contribution flows (contributions plus net benefit transfers, less benefit payments) were $15.0 billion in the quarter (Chart 3). Net contribution flows for the 12 months to September 2024 increased by 13.5 per cent to $66.0 billion

Chart 2: Benefit Payments

Chart 2: Benefit Payments

Chart 3: Net contribution flows

Chart 3: Net contribution flows

Financial performance

The five-year annualised rate of return (ROR) as at September 2024 was 5.9 per cent (Chart 4). The ROR for the year ending September 2024 was strong at 13.4 per cent.

Chart 4: Five-year annualised rate of return

Chart 4: Five-year annualised rate of return