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Australians now hold $2.3 trillion in super

Australians now hold $2.3 trillion in super

The nation’s pool of retirement savings continues to grow, with total superannuation assets increasing 11.2 per cent in the year to March.

Australia now has $2.3 trillion in superannuation assets, up from $2.0 trillion the year before, according to the quarterly statistics, which were released by APRA, the superannuation regulator.

The assets in MySuper accounts – which are low-fee, no-frills accounts – jumped 22.6 per cent over the year.

MySuper now represents 24.6 per cent of all super assets – up from 22.3 per cent the year before.

Self-managed superannuation fund (SMSF) assets rose 12.8 per cent. SMSFs now hold 29.9 per cent of all super assets – up from 29.4 per cent the year before.

During the 12-month period, Australians made $106.7 billion of superannuation contributions and withdrew $70.4 billion in benefits.

Key statistics for the superannuation industry

March 2016March 2017Change
Total superannuation assets$2.0 trillion$2.3 trillion+11.2%
Total APRA-regulated assets$1.2 trillion$1.4 trillion+12.1%
Total assets in MySuper products$452.7 billion$555.0 billion+22.6%
Total self-managed super fund assets$598.1 billion$674.7 billion+12.8%
Exempt public sector superannuation schemes assets$128.6 billion$129.1 billion+0.4%
Balance of life office statutory fund assets$55.3 billion$54.7 billion-1.1%

Key statistics for entities with more than four members

March 2016March 2017Change
Total contributions$104.0 billion$106.7 billion+2.6%
Total benefit payments$63.2 billion$70.4 billion+11.4%
Net contribution flows$36.2 billion$31.6 billion-12.7%

Superannuation guarantee set to rise

Employers are legally obliged to pay staff at least 9.5 per cent of their salary into their superannuation fund.

The ‘superannuation guarantee’, as it’s known, is scheduled to rise to 12 per cent at the following rate:

  • 1 July 2020 – 9.5 per cent
  • 1 July 2021 – 10 per cent
  • 1 July 2022 – 10.5 per cent
  • 1 July 2023 – 11 per cent
  • 1 July 2024 – 11.5 per cent
  • 1 July 2025 – 12 per cent

Click here to calculate how much superannuation you’ll have when you retire and how fees will affect your final payout.

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