The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the December 2021 quarter.
Key statistics for the superannuation industry as at 31 December 2021:
Total superannuation assets
Total APRA-regulated assets
Of which: total assets in MySuper products
Total self-managed super fund assets
Exempt public sector superannuation schemes assets
Balance of life office statutory fund assets
Superannuation assets totalled $3.5 trillion at the end of the December 2021. This was a 14.0 per cent increase in the value of total superannuation assets over the past year, reflecting strong investment performance and positive contributions growth achieved over the period.
Contributions totalled $139.1 billion, an increase of 15.5 per cent for the year ending December 2021. Over this period, employer contributions increased by 5.7 per cent totalling $102.7 billion, of which Superannuation Guarantee contributions ($76.0 billion) increased 5.0 per cent Member contributions ($36.4 billion) increased 58.9 per cent over this period, of which personal contributions ($33.9 billion) increased 60.5 per cent. Contributions made over the year have exceeded long term trends, and the large increase is likely a consequence of member reactions to COVID-19 related measures, such as increases in lockdown savings and stronger engagement with financial advice.
Benefit payments totalled $82.3 billion, declining 27.2 per cent for the year ending December 2021. Of this, lump-sum payments totalled $42.7 billion, a decline of 41.5 per cent over the year reflecting benefit payments returning to historically average levels after the closure of the Early Release Scheme (ERS). Pension payments totalled $39.6 billion over the year remaining relatively unchanged from the previous year.
Key statistics for entities with more than four members for the year ended 31 December 2021:
Total benefit payments
Net contribution flows
1 Net contribution flows for the year ended 31 December 2021 was significantly higher due to closure of ERS scheme and strong growth in contributions.