Infographic - Quarterly Superannuation Industry publication December 2023 accessible version

This infographic is from the Quarterly Superannuation Industry Publication.

Box 1 - Totals

As at 31 December 2023, total member assets of the Superannuation Industry were $2.26 trillion^{^}, spread across 1,057 superannuation products and 22.8 million member accounts.
Of the 1,057 superannuation products, 60 were MySuper products*, 872 were Choice products and 125 were defined benefit products.
Of the $2.26 trillion of member assets, $956 billion were in MySuper products, $1,157 billion were in Choice products and $148 billion were in Defined Benefit products.
Of the 22.8 million member accounts, 14.6 million were in MySuper products, 7.4 million were in Choice products and 0.7 million were in Defined benefit products.

Box 2 – Choice products

Of the 872 Choice products,491 were Accumulation products, 132 were Transition to Retirement products and 249 were Retirement products.
Of the $1,157 billion of member assets in Choice products, $718 billion were in accumulation products, $13 billion were in Transition to retirement products and $426 billion were in Retirement products.
Of the 7.4 million member accounts in Choice products, 6.1 million were in accumulation products, 0.1 million were in Transition to retirement products and 1.3 million were in Retirement products.

Box 3 – Average member account balances

MySuper members had an average account balance of $65k.
Choice accumulation members has an average account balance of $118k.
Choice transition to retirement members had an average account balance of $203k.
Choice retirement members had an average account balance of $340k.
Defined benefit members had an average account balance of $200k.

Box 4 – Choice product Investment Option Breakdown

There were 35,778 choice single sector investment options making up 27.4% of member assets in choice products.
There were 14,253 choice multi-sector investment options, making up 66.8% of member assets in choice products.
There were 131,587 choice direct assets investment options, making up 5.8% of member assets in choice products.

Box 5 - Investments via platform products

Investments via platform products represented $323.5 billion or 28.0% in choice member assets.

Box 6 - Member Accounts and Average Balance by Age

This chart shows the number of member accounts and average member balance between age brackets under 25 years of age and over 85 years of age.

Footnotes

^{^}Data is current as at 31 December 2023 and covers all APRA regulated superannuation entities with more than six members. Product composition data excludes Exempt Public Sector Superannuation Scheme entities.