Quarterly contributions to superannuation funds are still growing strongly, the Assistant Treasurer Senator Rod Kemp announced today.
The latest APRA figures indicate that Australian superannuation assets grew by 9.3% during the past twelve months, taking Australias superannuation assets to $497.1 billion at the end of the March quarter. This is nearly twice the asset level of 5 years ago.
"This figure again demonstrates that superannuation is clearly one of Australias strong growth sectors," Senator Kemp said.
Total contributions were down compared to last year, but these numbers have been distorted by extraordinarily large one-off contributions by public sector employers in June 1999 of $8.4 billion.
"The continuing growth of the industry is reflected in the fact that quarterly member contributions grew by 20.9% over the previous year," said Senator Kemp.
March quarter employer contributions also grew strongly, by 16 per cent, compared to the same period last year.
"These figures show that Australians are embracing superannuation with confidence and want to take an active role in ensuring their retirement incomes" Senator Kemp said.
Benefit payments were up 11.2% for the year, with pensions increasing by 34 per cent compared to lump sums increasing by only 6 per cent in year average terms.
On the basis of a number of initiatives undertaken, APRA has completely revised reported fund numbers that more accurately reflect the current status of the superannuation industry in this issue of Superannuation Trends.
Details of the report can be found on the APRA web site at www.apra.gov.au from 11 July 2001.
MELBOURNE
4 July, 2001
Media contact:
Richard Wise: Assistant Treasurers Office (02) 6277 7360