APRA this week released its quarterly superannuation performance publication and the quarterly MySuper statistics report for March 2024, which revealed the SMSF sector now accounts for $933 billion of the total superannuation assets, which currently sits at $3,852.1 billion.
In the 12 months since the March 2023 quarter statistics were published, assets in the SMSF sector grew 8.9 per cent from $856.7 billion.
Overall, the total superannuation assets increased by 11.3 per cent, while total APRA-regulated assets increased by 12.5 per cent.
The report states that growth in total superannuation assets for the year ending March 2024 was driven by continued strong contribution inflows and a 10.9 per cent rate of return.
Total superannuation assets increased by 4.2 per cent in the March 2024 quarter, driven by a 4.9 per cent rate of return for APRA-regulated assets over the quarter.
Additionally, total contributions increased by 11.3 per cent to $177.0 billion in the year ending March 2024. Of this, employer contributions increased by 12.4 per cent over the year to $133.3 billion. Member contributions increased by 8.2 per cent over the year to $43.7 billion.
Benefit payments increased by 18.1 per cent to $112.9 billion in the year ending March 2024. This increase was the result of lump sum payments rising by 18.4 per cent to $63 billion and pension payments increasing by 17.7 per cent to $49.8 billion.
The rate of return (ROR) for entities with more than six members for the March 2024 quarter increased to 4.9 per cent, up from 4.3 per cent in the December 2023 quarter. This high quarterly return was driven by strong growth in financial markets, notably in domestic and international equities, which finished the quarter near record highs. The ROR for the year ending March 2024 was 10.9 per cent, while the five-year annualised ROR to March 2024 was 6.4 per cent.
