The Australian Prudential Regulation Authority (APRA) today released the latest edition of Super Trends for the June quarter 2003, which revealed that total superannuation assets for Australia now stand at $533.9 billion.

The increase of 6.8 per cent over the quarter was due primarily to a rise in asset values.

Contributions received totalled $16.8 billion, an increase of 35 per cent over the quarter. Net contributions (contributions less benefits) stood at $9.2 billion, an increase of $4.7 billion. Employers contributed $11.2 billion into superannuation, up 38.2 per cent on the previous quarter, while member contributions increased by 29.3 per cent over the same period.

Small fund assets (super funds with fewer than five members) continued to grow and now stand at $109.1 billion, an increase of 10 per cent over the quarter. Industry funds grew by 8.5 per cent or $4.4 billion; public sector funds by 6.1 per cent or $6.2 billion; retail funds by 4.7 per cent or $8.1 billion and corporate funds by 4.7 per cent or $2.6 billion over the quarter.

Other trends were an increase in benefit payments (excluding transfers) of 2.3 per cent over the year, with lump sum payments increasing by 1.7 per cent and pension payments by 4.8 per cent.

The June 2003 edition of Super Trends provides revisions to the medium funds sector (funds that are not small funds and are not included in the Quarterly Survey of Superannuation). The main revisions are in the corporate funds sector with assets now standing at $57.5 billion and members totalling 1.1 million.

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 of APRA and the Australian Bureau of Statistics (ABS) and currently reviews information sourced from 362 superannuation funds in Australia. These funds are the largest in the industry, the cut-off point for inclusion being more than $60 million in assets under management.

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

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.

For further information:	Media and industry inquiries only:
APRA Call Centre	Susan Morey
1300 131 060	APRA - Public Affairs
	02 9210 3384
	0438 124 524