Super Statistics

Total superannuation assets were $3.9 trillion at the end of the March 2024 quarter, increasing by 4.2 per cent over the quarter. MySuper products had an aggregate $976 million in assets, spread across 61 MySuper products.

The commentary below relates to funds with more than six members.

Employer contributions totalled $33.5 billion for the quarter and $133.3 billion for the year ending in March 2024, which represented a 12.4 per cent increase compared to the year ending in March 2023. This is in part due to the Superannuation Guarantee (SG) rate increase to 11 per cent from 1 July 2023, employment growth over the year and higher wage inflation. SG contributions accounted for around three quarters of employer contributions.

Member contributions were $8.4 billion for the quarter and $43.7 billion for the year ending March 2024, an 8.2 per cent increase on the previous year.

Benefit payments totalled $26.1 billion for the quarter and $112.9 billion for the year ending March 2024, a 18.1 per cent increase compared to the year to March 2023.

The rate of return (ROR) for entities with more than six members for the March 2024 quarter was 4.9 per cent. This high quarterly return was driven by strong growth in financial markets. The rate of return for the year was 10.9 per cent. The five-year average annualised ROR was 6.4 per cent.