APRA’s annual bulletin showed rising super assets, strong returns and growing member balances across the 2024–25 financial year.
APRA’s latest Annual Superannuation Bulletin – 2024–25 reported that Australia’s total superannuation assets reached $4.3 trillion at 30 June 2025, underscoring strong growth across the system.
The bulletin revealed that APRA-regulated entities held $3.0 trillion, or 70.3 per cent of total assets, while SMSFs supervised by the ATO held $1.1 trillion, or 24.3 per cent. Exempt public sector schemes accounted for $178 billion and life office statutory funds held $60 billion.
APRA reported that total industry assets increased 52.2 per cent over the five years to June 2025, rising from $2.9 trillion to $4.3 trillion. Over the same period, assets in APRA-regulated entities grew 57.8 per cent, while SMSF assets rose 47.8 per cent.
The bulletin highlighted ongoing consolidation, with the number of APRA-regulated funds falling from 1,656 to 771 over the five years. Funds with more than six members dropped from 158 to 81, while SMSFs increased to 653,062.
As at 30 June 2025, APRA said 58 RSE licensees oversaw 81 funds with more than six members, covering 22.9 million member accounts. Women held 42.6 per cent of the 397 directorships on APRA-regulated trustee boards, and average director remuneration was $98,809.
APRA noted that the annual rate of return for the year to June 2025 was 10.1 per cent, well above the five-year and ten-year averages of 7.8 per cent and 6.5 per cent.
The bulletin showed performance remained positive despite increased risks to global trade and growth, which contributed to significant market volatility.
Total contributions reached $209.4 billion for the year, while benefit payments rose to $132.2 billion. Lump sums made up 55.2 per cent of payments and pensions 44.8 per cent.
Net contribution flows increased by $8.9 billion to $70.9 billion, supported by the higher Superannuation Guarantee rate and continued labour-market strength.
APRA reported that members and employers paid $12.3 billion in fees, including $4.5 billion in administration fees and $5.0 billion in investment fees. Expenses paid to service providers rose to $10.4 billion, driven by a 12.9 per cent jump in payments to external providers.
Members’ benefits increased 10.5 per cent over the year to reach $3.1 trillion. The number of member accounts rose 1.5 per cent to 23.6 million, with average balances at $131,980.
The bulletin showed there were 52 MySuper products offered by 40 RSEs at 30 June 2025, including 24 lifecycle products. MySuper inflows totalled $152.8 billion, with employer contributions accounting for $84.5 billion.
MySuper outflows reached $85.2 billion, resulting in net inflows of $67.5 billion. Members’ benefits in MySuper products grew 11.0 per cent to $1,184 billion, representing 38.0 per cent of total fund members’ benefits. MySuper member accounts rose 0.3 per cent to 15.4 million, with an average balance of $76,729.
