The latest statistics from the Australian Prudential Regulation Authority (APRA) have revealed that superannuation assets totalled $3.32 trillion as of the end of the September quarter.
While 0.3 per cent higher than at the end of the previous quarter, the regulator noted that this represented a 3.2 per cent decrease in the value of super assets over the past year.
“This was predominantly driven by rising global interest rates, pressures from disrupted supply chains and downward revision of global growth outlook,” APRA explained.
In the 12 months to 30 September, there was a 3.1 per cent fall in total APRA-regulated assets to $2.25 trillion, of which $887.4 billion, or 3.8 per cent less, was in MySuper products.
Meanwhile, total self-managed super fund assets sat at $865.2 billion at the end of the quarter, 2.8 per cent lower than a year earlier.
APRA reported that $150.2 billion in contributions were made in the year to September, an increase of 12.0 per cent when compared to the previous year.
“The strong increase in contributions is supported by growth in both employer and personal member contributions, likely a result of the strong labour force figures over the year,” the regulator said.
Employer contributions rose 10.4 per cent to $111.0 billion, in reflection of the increase in the super guarantee rate to 10.5 per cent from July along with the strength in labour markets.
Personal member contributions soared by 17.2 per cent over the year to $36.6 billion.
Benefit payments were reported to have increased by 7.8 per cent to $88.2 billion, including a 12.4 per cent rise in lump sum payments to $47.7 billion, while pension payments lifted 2.9 per cent to $40.5 billion. APRA said that these figures were in line with long-term trends.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.