SMSF numbers continue to grow

australian prudential regulation authority APRA self-managed superannuation funds SMSFs smsf essentials cent

16 January 2014
| By Staff |
image
image
expand image

The rate of growth for self-managed superannuation funds (SMSFs) in Australia has tapered slightly, but they now number over half a million, according to the latest data released by the Australian Prudential Regulation Authority (APRA). 

The data, contained in APRA's annual superannuation bulletin, showed that the number of SMSFs grew by 7.1 per cent to 509,362 funds during the 2013 financial year. 

The APRA data also served to confirm that SMSFs continue to contain the highest account balances. 

It found that members of small funds held the largest average account balance of $524,905 at June 2013, compared with corporate fund members who held an average account balance of $119,711, public sector fund members who held $76,978 on average and retail fund members who held $29,370 on average. 

The data showed that industry fund members held $28,172 on average. 

Originally published by SMSF Essentials.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 2 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

4 weeks 1 day ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week 1 day ago