Australia’s Superannuation Assets Rise to $4.8 Trillion in June
Synopsis
Australia’s total superannuation assets climbed to $4.8 trillion in June, driven by strong growth in contributions and benefit payments, APRA reports.
Key Highlights
- As of 30 June, total superannuation assets in Australia increased by 6.6% over the quarter to $4.8 trillion.
- Of the total, $3.4 trillion is in APRA-regulated funds.
- Benefit payments rose 12.1% to $148.2 billion
Superannuation Assets Reach New High
The latest quarterly statistics from the Australian Prudential Regulation Authority (APRA) reports total superannuation assets increased 6.6% during the quarter to A$4.8 trillion as of 30 June. $3.4 trillion of this was in APRA-regulated funds.
Contributions Show Strong Growth
Total super contributions increased 12.8 over-the-year to a surplus $236.3 billion, in accordance with the report. Tax data revealed that there was a 9.5% rise in employer contributions, to $164.4 billion and an increase of 21% in |member contributions, to $71.9 billion.
Benefit Payments Also Increase
Benefit payments reached $148.2 billion, an increase of 12.1%. The increase was primarily attributed to the rise of overall lump-sum payments, reaching $82.5 billion, and a 22 percent quality in pension payment, or reaching $65.7 billion overall.
Source: Reuters
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