The Australian Prudential Regulation Authority (APRA) today released its Annual Superannuation Bulletin for the financial year to 30 June 2013. Total superannuation assets increased during the year by $219.8 billion, or 15.7 per cent, to $1.62 trillion.
During this period, industry funds’ assets increased by 21.5 per cent. Small funds’ assets, which include self-managed super funds (SMSFs), single-member approved deposit funds and small APRA funds, increased by 15.5 per cent, public sector funds’ assets by 15.4 per cent, retail funds’ assets by 13.9 per cent and corporate funds’ assets by 9.1 per cent.
Over the year, the industry-wide rate of return (ROR) for large funds (more than four members) was 13.7 per cent. Over the 10 years from 30 June 2004 to 30 June 2013, the average industry-wide ROR for large funds was 6.0 per cent per annum.
Over the year, contributions to all superannuation entities totalled $115.3 billion, with employers contributing $77.5 billion and members contributing $36.5 billion. Contributions to large funds totalled $87.6 billion, of which industry funds received 32.6 per cent ($28.6 billion), public sector funds 32.3 per cent ($28.3 billion), retail funds 31.5 per cent ($27.6 billion) and corporate funds 3.6 per cent ($3.1 billion).
The Bulletin also includes a feature on Registrable Superannuation Entity (RSE) licensees. The feature examines changes in the size of RSE licensee business operations, and the structure and composition of RSE licensee boards over the eight years from 2006. Over that period, the size and complexity of RSE licensee business operations increased, as did the average number of directors on RSE licensee boards and the proportion of these directors who were women. There were fewer directors who sat on more than one RSE licensee board in 2013 than in 2006.
APRA released a discussion paper on changes to its superannuation statistics on 14 November 2013, in which it proposed to revise the Quarterly Superannuation Performance statistics publication and introduce a Quarterly MySuper Statistics report. APRA will consult separately on proposals for the release of annual superannuation statistics in mid-2014. Further information can be found in the discussion paper.
The Annual Superannuation Bulletin and discussion paper is available.