APRA data shows super growth moderating in September

Super assets and contributions increased in September to $4.5 trillion, though at a slower pace than the previous quarter.

Australia’s total superannuation assets continued to grow in the September 2025 quarter, though the pace of expansion moderated compared with the June quarter, according to the Australian Prudential Regulation Authority’s (APRA) latest figures.

APRA said total superannuation assets rose 3.0 per cent over the quarter to $4.5 trillion as at 30 September 2025. This followed a stronger increase in the June quarter, when assets climbed to roughly $4.33 trillion.

Year on year, total super assets grew 9.4 per cent, rising from $4,082.3 billion in September 2024 to $4,466.5 billion in September 2025.

APRA-regulated fund assets reached $3.15 billion, up 3.7 per cent from the previous quarter’s $3.04 trillion and 11.4 per cent higher than a year earlier.

Contribution flows strengthened over the year but showed only a modest uplift when compared with the June quarter.

Total contributions increased 12.7 per cent over the year to $215.6 billion, compared with $210.2 billion recorded in the 12 months to June 2025. Employer contributions rose 8.8 per cent to $153.2 billion, while member contributions climbed 23.6 per cent to $62.4 billion.

Benefit payments continued to rise, increasing 12.7 per cent to $136.2 billion in the year ending September 2025. This was slightly higher than the 12-month total of around $132.5 billion reported in the June quarter.

Lump sum payments grew 13.8 per cent to $75.3 billion, while pension payments increased 11.3 per cent to $60.9 billion.

For funds with more than six members, total contributions increased from $191.3 billion to $215.6 billion over the year, while total benefit payments lifted from $120.9 billion to $136.2 billion. Net contribution flows rose 8.1 per cent to $71.3 billion.

The combined data indicates resilience in the superannuation system, with assets, contributions and benefit payments all continuing to expand.

However, the quarter-on-quarter increases were more subdued than those recorded in June, pointing to a gradual easing in the rate of industry growth heading into the final quarter of 2025.