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APRA data paints mixed super picture
Superannuation assets are continuing to grow in Australia, with the latest Australian Prudential Regulation Authority (APRA) data showing they had increased by 7.9 per cent in the 12 months to June to total $2,709.3 billion.
The APRA data revealed that MySuper represented the fastest-growing segment with total assets in MySuper products growing by 13.6 per cent during the period to $675.6 billion, while total assets in self managed superannuation funds (SMSFs) grew by 6.4 per cent to $749.9 billion.
The APRA analysis noted that over the June quarter, there had been an increase of 3.6 per cent in total superannuation assets, comprising an increase of 3.7 per cent in APRA-regulated assets, an increase of 3.9 per cent in SMSF assets, an increase of 2.6 per cent in exempt public sector superannuation schemes and a decrease of 0.9 per cent in balance of life office statutory funds.
The data also revealed that total contributions had declined by 6.5 per cent for the 12 months to June to $109.4 billion, with net contribution flows declining by 12.8 per cent to $34 billion.
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