SMSFs dominate superannuation sector
The assets in Australian superannuation funds have continued to grow despite the volatility and uncertainty impacting markets last year, with total estimated superannuation assets climbing to $1.31 trillion in the December quarter.
The latest Australian Prudential Regulation Authority (APRA) data, released this week, confirmed that self-managed superannuation funds (SMSF) not only continued to be the fastest-growing segment of the superannuation industry but to also hold the greatest proportion of assets.
The APRA data revealed that during the December quarter, SMSF fund assets increased by 2.2 per cent, compared with those of public sector funds which increased by 2.1 per cent and industry fund assets which increased by 2 per cent.
Retail fund assets increased by just 1.6 per cent, while corporate fund assets actually decreased by 0.7 per cent.
The data revealed that as at 31 December, SMSFs held the largest proportion of superannuation assets, accounting for 30.6 per cent, followed by retail funds with 27.4 per cent and industry funds which accounted for 18.9 per cent.
Public sector funds accounted to 15.7 per cent of assets, while corporate funds accounted for 4.1 per cent.
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