SMSFs dominate super assets
Self-managed superannuation funds (SMSFs) remain the largest segment of the superannuation sector, but average account balances remain below $500,000, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The data revealed that total superannuation assets in Australia for the year to 30 June, 2010, increased by 13.9 per cent to $1.23 trillion, with $722.6 billion held by funds regulated by APRA and $390.9 billion held by SMSFs regulated by the Australian Taxation Office.
The fastest growing part of the superannuation industry for the year was the industry fund sector, with assets increasing by 17.9 per cent.
The APRA statistics said that the number of SMSFs grew by 6.5 per cent for the period, while the number of APRA-regulated entities with more than four members decreased by 8 per cent.
The data revealed that members of small funds held the largest average account balance of $478,873, while the lowest account balances were held by members of industry funds at $19,641 — slightly behind members of retail funds with $20,248.
The APRA statistics revealed that the average rate of return for superannuation funds with more than four members was 8.9 per cent with public sector funds recording 9.8 per cent, retail funds recording 8.7 per cent and industry funds recording 8.5 per cent.
AUTHOR
Mike Taylor
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