The latest edition of Superannuation Trends released today by the Australian Prudential Regulation Authority (APRA) shows an increase of total superannuation assets of 3.6 per cent over the March quarter of 2004. Superannuation assets now stand at $596.0 billion.

All fund types enjoyed an increase in assets over the March quarter. Small funds with less than five members again experienced the highest growth with an increase of 6.3 per cent, taking small fund assets to $135.6 billion. Industry funds grew by 5.9 per cent, retail funds by 4.4 per cent, public sector funds by 3.5 per cent and corporate funds by 2.6 per cent. Retail funds continue to hold the largest share (33.7 per cent) of total superannuation assets.

For investment classes, assets in cash and deposits showed the largest rate of increase, growing by 6.0 per cent over the quarter. These were followed by equities and units in trusts, which grew by 5.3 per cent. Assets invested directly grew by 5.4 per cent over the March quarter.

Assets invested with investment managers and life office statutory funds increased by 3.4 per cent and 1.6 per cent respectively.

Superannuation contributions for the year to March 2004 totalled $60.1 billion, with employers contributing $38.0 billion and member contributions totalling $22.1 billion. This is a 15.8 per cent increase over the year. Lump sum payments decreased by 18.3 per cent over the year and pension payments increased by 5.6 per cent, resulting in an overall decrease in benefit payments of 13.3 per cent.

Superannuation Trends is a quarterly publication based on APRA’s 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 354 superannuation funds in Australia. These funds are the largest in the industry, the cut‑off point for inclusion is that funds have more than $60 million in assets under management.

A copy of the latest edition of Superannuation Trends is available on APRA’s website at: http://www.apra.gov.au/Statistics/Superannuation-Institutions-Statistics.cfm

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.APRA is funded largely by the industries that it supervises. It was established on 1 July 1998.APRA currently supervises institutions holding approximately $1.8 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.