Superannuation assets totalled $3.4 trillion at the end of the March 2022 quarter. Over the 12 months from March 2021 there was a 9.7 per cent increase in total superannuation assets.
Total assets in MySuper products totalled $928 billion at the end of the March 2022 quarter. Over the 12 months from March 2021 there was a 10.4 per cent increase in total assets in MySuper products.
The increase in the value of assets over the year to the March quarter 2022 reflected the recovery in local and overseas financial markets following a sharp decline as a result of COVID-19. However, the average rate of return in the March quarter 2022 was negative due to declines in the price of both domestic and international shares.
For APRA regulated funds:
There were $31.7 billion of contributions in the March 2022 quarter. Over the year to March 2022, total contributions increased by 16.9 per cent compared to the year to March 2021. This follows strong economic growth, lower unemployment and increased household savings as a result of government fiscal stimulus. Personal contributions were $37.4 billion in the year to March 2022, up substantially compared to the year to March 2021. Household savings are at high levels by historical standards and part of this has flowed through to superannuation contributions.
There were $19.9 billion in total benefit payments in the March 2022 quarter, with a 23.8 per cent decrease over the year ending March 2022. The decline over the year ending March 2022 reflects the end of Early Release Scheme withdrawals being incorporated in yearly data to March 2021. Lump sum benefit payments are now back in line with historical levels.
Net contribution flows for the year ending March 2022 were $58.9 billion, compared with $9.8 billion for the year ending March 2021 (with the latter figure strongly affected by Early Release payments).
The industry-wide rate of return (ROR) for entities with more than four members was -2.4 per cent in the March quarter 2022. The five-year average annualised ROR to March 2022 was 6.8 per cent.
As at the end of the March 2022 quarter, 56 per cent of the $2.2 trillion investments were invested in equities; with 24 per cent in Australian listed equities, 27 per cent in international listed equities and 5 per cent in unlisted equities. Fixed income and cash investments accounted for 27 per cent of investments; 18 per cent in fixed income and 9 per cent in cash.
Property and infrastructure accounted for 15 per cent of investments and 2 per cent was invested in other assets, including hedge funds and commodities.