Infographic - Quarterly Superannuation Industry publication December 2023 accessible version
This infographic is from the Quarterly Superannuation Industry Publication.
Box 1 - Totals
- As at 31 December 2023, total member assets of the Superannuation Industry were $2.26 trillion^, spread across 1,057 superannuation products and 22.8 million member accounts.
- Of the 1,057 superannuation products, 60 were MySuper products*, 872 were Choice products and 125 were defined benefit products.
- Of the $2.26 trillion of member assets, $956 billion were in MySuper products, $1,157 billion were in Choice products and $148 billion were in Defined Benefit products.
- Of the 22.8 million member accounts, 14.6 million were in MySuper products, 7.4 million were in Choice products and 0.7 million were in Defined benefit products.
Box 2 – Choice products
- Of the 872 Choice products,491 were Accumulation products, 132 were Transition to Retirement products and 249 were Retirement products.
- Of the $1,157 billion of member assets in Choice products, $718 billion were in accumulation products, $13 billion were in Transition to retirement products and $426 billion were in Retirement products.
- Of the 7.4 million member accounts in Choice products, 6.1 million were in accumulation products, 0.1 million were in Transition to retirement products and 1.3 million were in Retirement products.
Box 3 – Average member account balances
- MySuper members had an average account balance of $65k.
- Choice accumulation members has an average account balance of $118k.
- Choice transition to retirement members had an average account balance of $203k.
- Choice retirement members had an average account balance of $340k.
- Defined benefit members had an average account balance of $200k.
Box 4 – Choice product Investment Option Breakdown
- There were 35,778 choice single sector investment options making up 27.4% of member assets in choice products.
- There were 14,253 choice multi-sector investment options, making up 66.8% of member assets in choice products.
- There were 131,587 choice direct assets investment options, making up 5.8% of member assets in choice products.
Box 5 - Investments via platform products
- Investments via platform products represented $323.5 billion or 28.0% in choice member assets.
Box 6 - Member Accounts and Average Balance by Age
- This chart shows the number of member accounts and average member balance between age brackets under 25 years of age and over 85 years of age.
Footnotes
^ Data is current as at 31 December 2023 and covers all APRA regulated superannuation entities with more than six members. Product composition data excludes Exempt Public Sector Superannuation Scheme entities.