The Morrison Government welcomes the release of December quarter 2020 superannuation data by the Australian Prudential Regulation Authority (APRA). The data shows our robust superannuation system reached an all-time high in 2020 despite financial volatility caused by COVID-19.
During the December quarter 2020, total superannuation assets increased 5.4 per cent (or 2.2 per cent in the 12 months to December 2020) totalling $3.04 trillion. Superannuation assets have rebounded following a 7.7 per cent decline in March quarter 2020, successfully weathering the significant downturn in global financial markets as a result of COVID-19.
For APRA-regulated super funds, total contributions continue to outweigh benefit payments. In the 12 months to December 2020, $120.7 billion was contributed to our superannuation system.
As of December 2020 there are 84 default MySuper products compared to 96 MySuper products the previous year, with total assets in MySuper products up by 7.8 per cent in December quarter 2020 (or 1.3 per cent in the 12 months to December 2020) to $812.2 billion.
Minister for Superannuation, Financial Services and the Digital Economy, Jane Hume, said “The data confirming Australians’ superannuation balances reached a record high in 2020 is a clear indicator of the resilience of our superannuation system. However, as we’ve said countless times, our system is not perfect. High fees, persistently underperforming funds and too many duplicate accounts are a drag on the system. Australians can be reassured that the Morrison Government is determined to continue our arc of reform ensuring the superannuation system is working harder for all Australians.”
Further information about APRA’s data is available on the APRA website.