The latest edition of Super Trends, released today by the Australian Prudential Regulation Authority (APRA), has revealed an increase in superannuation assets of 2.4 per cent for the quarter from September 2002 to December 2002.

Total superannuation assets for Australia now stand at $517.9 billion, an increase of $12.2 billion from the September 2002 figure of $505.6 billion.

Super funds with less than five members continued to experience strong growth during the quarter and assets in this sector now stand at $103.1 billion. Industry funds also experienced growth in assets, with a 4.7 per cent increase for the quarter September to December 2002.

Other trends during the period showed an overall decrease in benefit payments of 2.6 per cent, with lump sum payments decreasing by 5.8 per cent, and an increase in pension payments of 11.7 per cent.

Member contributions declined by 3.8 per cent in the December 2002 quarter compared to September 2002 and also fell in comparison with the same quarter last year (December 2001) by 19.6 per cent ($1.05 billion). Net contributions (contributions less benefits) during the quarter to December 2002 were $3.3 billion, up 5.6 per cent on the previous quarter.

Superannuation Trends is a quarterly publication based on APRAs Quarterly Survey of Superannuation and estimates of other industry components. The survey is a joint initiative between APRA and the Australian Bureau of Statistics (ABS) and currently reviews information sourced from 372 superannuation funds in Australia. These funds comprise the largest in the industry, the cut-off point for inclusion being more than $60 million in assets under management.

From September 2004 the Survey will cease and quarterly data will be collected by APRA (based on assets under management) as part of the new reporting framework for superannuation funds. The new reporting framework is currently undergoing consultation with industry.

A copy of the latest edition of Super Trends is available on APRAs website: www.apra.gov.au