Australians now have more than $4 trillion squirreled away in superannuation funds.
The Australian Prudential Regulation Authority (APRA) Quarterly Superannuation Performance report, released today, showed the country’s total superannuation assets at the end of September were $4,083 billion, a 13.4 percent increase over the previous 12 months.
The report stated total superannuation assets increased by 3.7 percent over the quarter to reach close to $4.1 trillion, with $2.8 trillion in APRA-regulated funds.
“Total contributions increased by 13.1 percent to $191.3 billion in the year ending in September 2024,” APRA said.
“Of this, employer contributions increased by 11.4 percent over the year to $140.8 billion. Member contributions increased by 18.1 percent over the year to $50.5 billion.”
The report stated benefit payments increased by 11.4 percent to $119.9 billion in the year ending in September 2024.
“This increase was the result of lump sum payments rising by 4.9 percent to $65.1 billion and pension payments increasing by 20.3 percent to $54.8 billion.”
