Total super assets hit $4tn milestone

The Australian Prudential Regulation Authority (APRA) released its quarterly superannuation performance publication and quarterly MySuper statistics report for the September quarter, showing superannuation assets have passed the $4 trillion mark.

Total superannuation assets increased by 3.7% over the quarter to reach $4.1 trillion as at September 2024, of which $2.8 trillion are in APRA-regulated funds.

Total contributions increased by 13.1% to $191.3 billion in the year ending in September 2024. Of this, employer contributions increased by 11.4% over the year to $140.8 billion.

"This growth was driven by the increases in the super guarantee rate to 11% from July 2023 and 11.5% from July 2024, and seasonally adjusted wages rising by 3.5% for the year," APRA said.

Members contributed $50.5 billion over the year and $14.9 billion in the September quarter, a decrease of 21% compared to the June quarter.

"This decrease is expected with members maximising their annual contribution limits before the end of the financial year," APRA said.

Benefit payments increased by 11.4% to $119.9 billion in the year ending in September 2024. This increase was the result of lump sum payments rising by 4.9% to $65.1 billion and pension payments increasing by 20.3% to $54.8 billion.

"This increase is attributable to a 20.3% increase in pension payments and a 4.9% increase in lump sum payments over the year to September 2024," APRA said.

Part of the overall increase in superannuation assets was due to the SMSF sector surpassing the $1 trillion mark. Fresh data from the Australian Taxation Office found total assets held in SMSFs hit $1.02 trillion.

This was backed up in the APRA data, showing SMSF assets grew by 10.9% in the September quarter.