Member superannuation contributions wane
Superannuation contributions have picked up from March 2011 to March 2012, according to the Australian Prudential Regulation Authority's (APRA's) superannuation overview for March 2012, although member contributions are waning.
Total contributions increased from $18.9 billion in 2011 to $20.1 billion in March 2012 for funds with over $50 million in assets, although just 15.3 per cent of contributions came from members in 2012.
Members contributed less during the March 2012 quarter despite increased total contributions, investing $3.1 billion in their superannuation according to APRA's latest figures compared with $3.4 billion in March 2011.
Employers made up the gap, putting 84.1 per cent, or $16.9 billion into superannuation funds over the quarter, slightly up on the $15.3 billion contributed in March 2011.
The contributions were spread between industry super funds ($6.6 billion), public sector funds ($6.5 billion), retail funds ($6.3 billion) and corporate funds ($0.9 billion).
Industry, public sector and retail funds have evened the spread since last year, closing much of the $0.5 billion gap between industry and retail funds.
Superannuation assets recorded similar figures for both years, increasing 3.6 per cent over the 12 months to the March 2012 quarter, compared with 3.3 per cent last year.
Total estimated superannuation assets now sit at $1.38 trillion, with industry funds' assets increasing by 7.3 per cent, corporate funds by 6.4 per cent, public sector funds by 6.3 per cent, retail funds 5.2 per cent and self-managed super funds by 4.9 per cent.
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