The size of the superannuation industry rose by 15.5 per cent in the 12 months to 30 June 2013, to $1.62 trillion.
The Australian Prudential Regulation Authority’s (APRA’s) Quarterly Superannuation Performance report found total superannuation assets increased by $217.2 billion for the year to 30 June 2013, and $35.1 billion (2.2 per cent) for the June 2013 quarter.
While the self-managed superannuation fund (SMSF) sector still makes up the largest proportion of the industry at 31.3 per cent of assets, it recorded the smallest increase at 0.8 per cent.
By contrast, public sector funds increased by 3.9 per cent in the 12 months to 30 June 2013, industry funds’ assets were up by 3.8 per cent, corporate sector funds increased by 2.2 per cent and retail funds were up by 1.8 per cent.
Contributions to funds with at least $50 million in assets during the June 2013 quarter were $25.9 billion – up 24.6 per cent on the March 2013 quarter.
Of the contributions made in the June 2013 quarter, $8.9 billion were made to retail funds, $8.5 billion to industry funds, $7.6 billion to public sector funds and $900 million to corporate funds.
Member contributions during the quarter accounted for 23.7 per cent of contributions, while 75.8 per cent were employer contributions.
Net contribution flows (contributions plus net rollovers less benefit payments) totalled $10.4 billion in the June 2013 quarter.
Quarterly reporting funds recorded an industry-wide rate of return (ROR) of 1.8 per cent for the June 2013 quarter.
Public sector funds recorded the best June 2013 quarter ROR of 2.3 per cent, followed by industry funds (2.1 per cent), corporate funds (1.8 per cent) and retail funds (1.3 per cent).
The annual industry-wide ROR for quarterly reporting funds for the year ending 30 June 2013 was 13.9 per cent.