Superannuation assets have risen 7 per cent to surpass $3.5 trillion, according to the latest APRA quarterly data.
AUM rose from $3.3 trillion in June 2022 to $3.5 trillion in June 2023, a rise of 7.6 per cent.
This compared to a 1.1 per cent rise in the previous quarter between March 2022 and March 2023.
Some $2.4 trillion was held in APRA-regulated assets and $996 billion of this was in MySuper products that was the largest rise at 13 per cent year on year.
Industry super funds held $1.2 trillion followed by retail ones at $689 billion and public sector at $505 billion.
Corporate funds made up just $57.1 billion.
APRA said the growth was driven by strong contributions inflows that reflected higher employment growth, higher wage inflation, and strong investment market returns.
Total contributions rose by 12.9 per cent to $165.2 billion and employer contributions increased by the same percentage to $122.5 billion. Contributions made by members increased by 13.1 per cent to $42.7 billion.
On the self-managed super fund (SMSF) side, these held $876 billion, up 3.9 per cent from $843 billion at the end of June 2022. However, it was a decline from the March quarter when SMSF assets were $889 billion.
Benefit payments reached $102.1 billion (increasing by 19.6 per cent over the year). Of this, lump sum payments rose by 31.9 per cent to $58.8 billion and pension payments increased by 6.1 per cent to $43.3 billion.
