APRA releases superannuation statistics for September 2022
The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the September 2022 quarter.
Key statistics for the superannuation industry as at 30 September 2022:
| September 2021 | September 2022 | Change |
|---|---|---|---|
Total superannuation assets | $3,433.5 billion | $3,322.3 billion | -3.2% |
Total APRA-regulated assets | $2,324.1 billion | $2,252.5 billion | -3.1% |
Of which: total assets in MySuper products | $922.8 billion | $887.4 billion | -3.8% |
Total self-managed super fund assets | $890.3 billion | $865.2 billion | -2.8% |
Exempt public sector superannuation schemes assets | $164.1 billion | $153.2 billion | -6.6% |
Balance of life office statutory fund assets | $55.0 billion | $51.3 billion | -6.7% |
Superannuation assets totalled over $3.3 trillion at the end of September 2022, a 3.2 per cent decrease in the value 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.
Contributions totalled $150.2 billion over the year, an increase of 12.0 per cent from 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. Employer contributions increased by 10.4 per cent over the year to $111.0 billion, reflecting the increase in the Superannuation Guarantee contribution rate to 10.5 per cent per annum effective from 1 July 2022 as well as strong labour markets. Personal member contributions increased by 17.2 per cent over the year to $36.6 billion.
Benefit payments totalled $88.2 billion, increasing 7.8 per cent over the year. Of this, lump sum payments totalled $47.7 billion, an increase of 12.4 per cent over the year, which is in-line with longer term trends. Pension payments totalled $40.5 billion over the year, an increase of 2.9 per cent, in-line with long term trends.
Key statistics for entities with more than six members for the year ended 30 September 2022:
| September 2021 | September 2022 | Change |
Total contributions | $134.1 billion | $150.2 billion | +12.0% |
Total benefit payments | $81.8 billion | $88.2 billion | +7.8% |
Net contribution flows | $53.9 billion | $63.9 billion | +18.4% |
Copies of the publication are available on APRA’s website at: Quarterly superannuation statistics.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.