Australia’s superannuation system ended the March 2026 quarter with $4.44 trillion in assets, as strong growth in contributions and benefit payments was offset by weaker investment markets during the three months to March.
New figures released by the Australian Prudential Regulation Authority (APRA) showed total superannuation assets fell 1.0 per cent over the March quarter to $4.44 trillion. The decline followed growth of 2.5 per cent in the December 2025 quarter, when total assets reached a record $4.48 trillion.
Assets held by APRA-regulated funds also moved lower, falling 0.8 per cent over the quarter from $3.17 trillion in December 2025 to $3.14 trillion in March 2026.
Despite the quarterly decline, the system remained substantially larger than a year earlier. Total superannuation assets increased 7.9 per cent from $4.11 trillion in March 2025 to $4.44 trillion in March 2026, while APRA-regulated assets rose 8.7 per cent from $2.89 trillion to $3.14 trillion.
Self-managed super fund assets grew 7.0 per cent over the year to $1.06 trillion. Assets held by exempt public sector schemes increased 2.9 per cent to $178.4 billion, while life office statutory fund assets rose 2.5 per cent to $60.8 billion.
The March quarter pullback contrasted with the stronger finish to 2025, reflecting the impact of market volatility on investment returns despite continued inflows into the retirement system.
Contribution levels continued to accelerate over the 12 months to March 2026. Total contributions for entities with more than six members increased 11.3 per cent to $226.1 billion.
The annual increase was driven by employer contributions, which rose 8.4 per cent to $159.8 billion, and member contributions, which climbed 19.1 per cent to $66.3 billion.
Benefit payments also continued to rise. Total payments increased 12.3 per cent over the year to $143.5 billion.
Lump-sum withdrawals rose 13.6 per cent to $79.7 billion, while pension payments increased 10.7 per cent to $63.8 billion.
Net contribution flows remained positive despite higher withdrawals, increasing 9.6 per cent from $68.0 billion to $74.5 billion over the year.
The March quarter figures suggest that while investment markets weighed on asset values compared with the December quarter, the underlying flow of money into the superannuation system remained strong, supported by rising employer and member contributions.
