The latest edition of Super Trends, which was released today by the Australian Prudential Regulation Authority (APRA), places total Australian superannuation assets for the quarter ending March 2003 at $507.7 billion, a decrease of 1.7 per cent or $8.9 billion from the December 2002 figure of $516.6 billion.
Super Trends is based on the 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 368 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.
Contributions received during the quarter to March 2003 totalled $12.2 billion, a decrease of 4.2 percent on the previous quarter. Employers contributed $8.4 billion into superannuation, a slight increase on the December 2002 quarter. Member contributions were down for the March quarter 2003 by 12.3 per cent ($530 million), compared to the December 2002 quarter.
Small fund assets (fewer than five members) continued to experience growth during the March 2003 quarter with a 2.4 per cent increase in assets. Retirement Savings Accounts and Industry funds also experienced growth in assets.
Superannuation assets in cash and deposits increased during the quarter to March 2003 by 3 per cent, whilst other assets increased by 3.8 per cent. Assets invested overseas decreased by 6.6 per cent for the quarter.
The Quarterly Survey of Superannuation will cease from September 2004 and quarterly data based on assets under management will be collected by APRA as part of the new reporting framework for superannuation funds. Details of the new reporting framework are available on APRAs website at: www.apra.gov.au/Statistics/Prudential-Report-Framework.cfm
A copy of the latest edition of Super Trends is also available on APRAs website at: www.apra.gov.au/Statistics/Superannuation-Institutions-Statistics.cfm
APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. It currently regulates $1.6 trillion in assets for 20 million Australians.
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| APRA Call Centre |
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0438 124 524 |
