The number of SMSFs has increased by 7 per cent and the sector continues to represent the largest segment of the super industry, according to figures released by the Australian Prudential Regulation Authority (APRA).
APRA recently released its June 2013 Quarterly Superannuation Performance report, covering the 12-month period to the end of June 2013.
Statistics showed the total number of self-managed funds in Australia is now 509,362, an overall increase of 33, 546 since June 2012.
However, while the SMSF sector still makes up the largest proportion of the industry’s super assets at 31.3 per cent, it recorded the smallest asset increase, at 0.8 per cent, in the June quarter, according to the report.
By contrast, public sector funds increased by 3.9 per cent, industry funds’ assets were up by 3.8 per cent, corporate sector funds increased by 2.2 per cent and retail funds were up by 1.8 per cent.
The SMSF Professionals Association of Australia’s (SPAA’s) Jordan George, senior manager for technical and policy, said the overall SMSF trends are encouraging.
“Fund growth in the high single digits is where SPAA likes to see it – solid growth without a suggestion that there is a mad rush into SMSFs,” said Mr George.
“It all points to a healthy SMSF sector, with continual growth in the size of the sector and the assets that are being placed in SMSFs.
“It certainly reinforces the fact that SMSFs continue to remain popular and that more and more Australians have their confidence to manage their own retirement savings through an SMSF.”
Overall, the size of the superannuation industry rose by 15.5 per cent in the 12 months to 30 June 2013 to $1.62 trillion, according to APRA.
In addition, total superannuation assets increased by $217.2 billion for the year to 30 June 2013, and by $35.1 billion (2.2 per cent) for the June 2013 quarter.
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