Confirmation of total superannuation assets reaching an all‑time high means it is more important than ever to pass the Your Future, Your Super legislation currently before the House of Representatives.
If implemented, the reforms are estimated to save Australian workers $17.9 billion over 10 years.
New data released by the Australian Prudential Regulation Authority show total superannuation assets increased 3.1 per cent for the quarter and 13.9 per cent over the 12 months to March 2021 to hit a record high of $3.1 trillion.
Total contributions into the system remained broadly steady at $121.2 billion for the 12 months to March 2021, increasing 0.8 per cent compared to the previous year.
Total benefit payments were $18.3 billion for the March 2021 quarter following the conclusion of the Government’s temporary COVID‑19 early release of superannuation measure.
We want Australians’ money to be working harder for them, and invested in members best financial interests, so they can enjoy a higher standard of living in retirement.
The Your Future, Your Super package is an important step towards that goal.