In this guide
- Total superannuation assets up by nearly 10%
- Westpac offloads BT super to Mercer
- Spirit Super promises to do better following phishing incident
- Hostplus and Cbus win customer satisfaction awards
- Inflation hits retirees
- ATO surveys large super funds
- HESTA and Mercy Super announce intent to merge
- LGIAsuper rebrands as Brighter Super
- Vision Super and Active Super sign MoU
Total superannuation assets up by nearly 10%
Total superannuation assets in Australia rose by 9.7% to be $3.44 trillion at the end of March 2022, according to the Australian Prudential Regulation Authority’s latest quarterly data for March.
That increase was partly attributable to strong investment performance and positive contributions growth on the back of Covid-19 stimulus. However, reflective of the volatility in markets since the beginning of the year, total superannuation assets in the March quarter were slightly down on the $3.47 trillion recorded for the December quarter.
“The March 2022 quarter reflects contributions beginning to revert to long-term trends and weaker investment performance due to concerns over higher interest rates with rising inflation exacerbated by constrained supply chains, and the uncertainty brought about by the conflict in Ukraine,” APRA said when releasing the data.
Contributions for the year ended March 2022 were up 16.9% to $141.6 billion, while employer contributions increased by 6.6% to $104.2 billion, of which $77.3 billion were superannuation guarantee contributions.
Member contributions were up by 60% to $37.4 billion, which can also be partly attributed to the increase in household savings during the lockdowns of 2021.
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