“Australian Superannuation Assets Surge 11.3% in March 2024 Quarter, APRA Reports”


Article: The Australian Prudential Regulation Authority (APRA) has released its latest Quarterly Superannuation Performance publication and Quarterly MySuper Statistics report for the March 2024 quarter. The reports reveal a significant 11.3% growth in total superannuation assets, reaching $3,852.1 billion, compared to $3,460.8 billion in the previous year.

This substantial growth was fueled by continued strong contribution inflows and a robust 10.9% rate of return. The APRA-regulated assets, which account for a significant portion of the total assets, saw a 4.9% rate of return in the March 2024 quarter, contributing to a 4.2% increase in total superannuation assets for the quarter.

Total contributions also saw a significant increase of 11.3%, amounting to $177.0 billion for the year ending in March 2024. This was largely driven by a 12.4% rise in employer contributions, totaling $133.3 billion, and an 8.2% increase in member contributions, amounting to $43.7 billion.

However, benefit payments also increased by 18.1% to $112.9 billion over the same period. This was due to a rise in both lump sum payments, which increased by 18.4% to $63.0 billion, and pension payments, which increased by 17.7% to $49.8 billion.

APRA, the prudential regulator of the financial services industry, oversees various financial institutions holding around $9 trillion in assets for Australian depositors, policyholders, and superannuation fund members. The quarterly reports are available on APRA’s website, and for more information, APRA can be contacted directly.