The Australian Prudential Regulation Authority (APRA) today released the latest edition of Super Trends for the June quarter 2004. Total superannuation assets rose over the quarter by 4.6 per cent and now stand at $625.2 billion.

Superannuation contributions for the year to June 2004 totalled $57.7 billion, with employers contributing $37.8 billion and member contributions totalling $19.9 billion. This is a 7.5 per cent increase over the previous year. Lump sum payments decreased by 15.7 per cent and pension payments increased by 7.0 per cent, leading to an overall decrease in benefit payments of 10.7 per cent over the previous year.

All fund types showed an increase in assets over the June quarter 2004. Industry funds experienced the highest growth, with an increase of 8.5 per cent. Industry fund assets now total $71.9 billion. Small funds grew by 6.0 per cent, public sector funds by 5.7 per cent, retail funds by 5.0 per cent and corporate funds by 3.3 per cent. Retail funds continue to hold the largest share of superannuation assets at 33.7 per cent of the total.

For investment classes, assets in cash and deposits showed the largest rate of increase, growing by 7.1 per cent over the quarter. These were followed by equities and units in trusts, which increased by 5.6 per cent. Assets invested directly also grew by 5.6 per cent while assets with investment managers and in life office statutory funds increased by 5.2 per cent and 2.4 per cent, respectively.

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 351 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 APRA’s website: 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.