Superannuation contributions for the year to September 2004 totalled $60.9 billion, with employers contributing $38.7 billion and member contributions totalling $22.2 billion. This is an 11.7 per cent increase on the previous year to September 2003. Benefit payments increased by 1.4 per cent from the previous year with pension payments increasing by 17.2 per cent and lump sum payments decreasing by 3.4 per cent.

All fund types showed an increase in assets for the September 2004 quarter. Small funds experienced the highest growth, with an increase of 4.8 per cent. Small fund assets now total $143.0 billion. Industry fund assets grew by 4.6 per cent during the September 2004 quarter. Industry fund assets now total $75.2 billion. Retail funds and public sector funds both grew by 1.9 per cent during the quarter. Retail funds continue to hold the largest share of total superannuation assets at 33.1 per cent of the total.

For investment classes, equities and units in trusts showed the largest rate of increase, growing by 5.2 per cent since the June 2004 quarter. These were followed by assets in cash and deposits, which increased by 3.8 per cent over the quarter.

Assets placed with investment managers grew by 5.2 per cent over the September 2004 quarter. Assets in life office statutory funds and directly invested assets increased by 1.5 per cent and 1.2 per cent respectively.

Superannuation Trends is a quarterly publication based on APRA’s Quarterly Survey of Superannuation and estimates of other industry components. Data for the September 2004 quarter were provided to APRA in aggregate form by the Australian Bureau of Statistics (ABS). A copy of the latest edition of Superannuation Trends is available on APRA’s website: 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 $2.0 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.