The latest quarterly statistics from the Australian Prudential Regulation Authority (APRA) show that super assets increased 6.1% to $2.0 trillion in the 12 months to 31 December.
Of this number, $1.26 trillion are APRA-regulated fund assets with the remainder coming from the SMSF sector, which saw assets increase 5.7% to $595 billion over the period.
MySuper assets increased 14.3% to $449 billion. The product segment now represents 36% of APRA- regulated funds and its share is steadily increasing.
Total benefits, up 10.3% year-on-year, continue to grow faster than contributions at 3.4% year-on-year. However net contributions are still positive at $37.5 billion and as a consequence, assets at aggregate level grow more than investment returns net of expenses alone.
Pensions grew faster than lump sums in the year (12% compared to 9% growth). Pensions now represent 49.3% of benefit payments.
Administration and investment expenses grew in line with overall asset growth.
Total accrued default amounts (ie balances yet to be transferred to MySuper) fell from $65.9 billion to $47.8 billion.