Super Statistics
Total superannuation assets were $3.5 trillion at the end of the March 2023 quarter, a quarterly increase of 3.2 per cent. Total superannuation assets have returned to levels last recorded at the end of December 2021 ($3.5 trillion) and have recovered from their decline over the June and September quarters of 2022. Total MySuper assets increased by 5.1 per cent over the March quarter 2023 to $964.5 billion.
The commentary below relates to funds with more than six members.
For the year ending March 2023, Superannuation Guarantee (SG) contributions ($91.8 billion) grew by 12.6 per cent compared to the year earlier on the back of historically low unemployment and the legislated increase to the SG contribution rate. SG contributions accounted for around three quarters of employer contributions.
Member contributions have been strong, totalling $7.3 billion for the quarter and $40.4 billion for the year ending March 2023, a 7.5 per cent increase over the year compared to March 2022. While there were large spikes observed in the four quarters to March 2022 following COVID-19 and its related initiatives, member contributions have continued to increase and remain above historical trends.
Benefit payments totalled $24.3 billion for the quarter and $95.8 billion for the year ending March 2023, a 13.8 per cent increase over the year compared to March 2022.
The rate of return (ROR) for entities with more than six members for the March 2023 quarter was 3.5 per cent and for the year was 0.4 per cent. Investment markets have been volatile over the year owing to aggressive monetary tightening by global central banks to curb inflation which slowed economic growth. The five year average annualised ROR was 5.6 per cent, down from 6.8 per cent in March 2022.
Over the March 2023 quarter, total assets for entities with more than six members increased by 4.0 per cent (or $97.2 billion) to $2.5 trillion. With $2.3 trillion in investments, 53.9 per cent were investments in equities (22.3 per cent in Australian listed equities; 26.7 per cent in international listed equities; and 4.9 per cent in unlisted equities). Fixed income and cash investments accounted for 28.3 per cent of total investments (19.0 per cent in fixed income and 9.3% per cent in cash). Property and infrastructure accounted for 15.5 per cent of total investments whilst other assets, including hedge funds and commodities, accounted for 2.2 per cent.