Total assets in MySuper products grew 10.9 per cent over the 12 months to 30 June 2016 to hit $474.9 billion, according to new APRA data.
The growth in MySuper assets was accompanied by a 30.2 per cent decrease in total assets in accrued default amounts to $41.3 billion.
The number of MySuper products remained stable at 116 between June 2015 and June 2016, according to APRA.
Of the total amount invested in super entities with four or more members, MySuper products represented 37 per cent (up from 34 per cent).
Meanwhile, the number of SMSFs increased by just under 30,000 during the year to 577,236, up 5.5 per cent.
Self-managed funds remained the largest single sector of the total $2.1 trillion superannuation sector, representing 29.5 per cent of total assets.
Retail superannuation held a 25.8 per cent stake of the market, while industry funds captured 22.1 per cent of total super assets.
New legislation that attempts to close a loophole estimated to cost Australians $1.5 billion in superannuation contributions annually has no...
The Australian Tax Office has identified lack of awareness of multiple super accounts among remote Indigenous communities as a recurring the...
BlackRock’s Australian arm has partnered up with VicSuper to develop and launch its new unlisted iShares ESG Global Bond Index Fund, with ...