Superannuation Industry Hits $4.1 Trillion in Assets: September 2024 Snapshot
Strong Growth in Contributions and Benefit Payments Highlights Industry Momentum
The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the September 2024 quarter.
Key statistics for the superannuation industry as at 30 September 2024:
| September 2023 | September 2024 | Change | |
|---|---|---|---|
| Total superannuation assets | $3,599.3 billion | $4,083.0 billion | +13.4% |
| Total APRA-regulated assets | $2,459.2 billion | $2,829.7 billion | +15.1% |
| Total self-managed super fund assets | $924.0 billion | $1,024.4 billion | +10.9% |
| Exempt public sector superannuation schemes assets | $160.0 billion | $171.6 billion | +7.3% |
| Balance of life office statutory fund assets | $56.1 billion | $57.3 billion | +2.1% |
Total superannuation assets increased by 3.7 per cent over the quarter to reach $4.1 trillion as at September 2024, of which $2.8 trillion are in APRA-regulated funds.
Total contributions increased by 13.1 per cent to $191.3 billion in the year ending in September 2024. Of this, employer contributions increased by 11.4 per cent over the year to $140.8 billion. Member contributions increased by 18.1 per cent over the year to $50.5 billion.
Benefit payments increased by 11.4 per cent to $119.9 billion in the year ending in September 2024. This increase was the result of lump sum payments rising by 4.9 per cent to $65.1 billion and pension payments increasing by 20.3 per cent to $54.8 billion.
Key statistics for entities with more than six members for the year to September 2024:
| September 2023 | September 2024 | Change | |
|---|---|---|---|
| Total contributions | $169.1 billion | $191.3 billion | +13.1% |
| Total benefit payments | $107.6 billion | $119.9 billion | +11.4% |
| Net contribution flows* | $58.2 billion | $66.0 billion | +13.5% |
*Net contribution flows comprise of contributions plus net benefit transfers, less benefit payments
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