APRA releases superannuation statistics for December 2020

The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the December 2020 quarter.

Key statistics for the superannuation industry as at 31 December 2020:

December 2019

December 2020

Change

Total superannuation assets

$2,977.4 billion

$3,043.1 billion

+2.2%

Total APRA-regulated assets

$2,003.7 billion

$2,064.1 billion

+3.0%

Of which: total assets in MySuper products

$801.8 billion

$812.2 billion

+1.3%

Total self-managed super fund assets

$764.8 billion

$764.2 billion

-0.1%

Exempt public sector superannuation schemes assets

$152.4 billion

$154.4 billion

+1.3%

Balance of life office statutory fund assets

$56.4 billion

$60.4 billion

+7.1%

Superannuation assets totalled $3.0 trillion at the end of the December 2020 quarter. There was a 2.2 per cent increase in the value of total superannuation assets over the 12 months to 31 December 2020 as financial markets recovered throughout the second half of this period. The annual increase in the balance of life office statutory fund assets reflects internal restructuring by some entities in the June quarter.

Total contributions increased 1.9 per cent over the year to 31 December 2020. Whilst annual member contributions of $22.9 billion were 6.4 per cent lower than the previous year, employer contributions remained resilient and increased by 4.1 per cent. Benefit payments for the December 2020 quarter of $21.3 billion were significantly lower than the $33.9 billion paid during the prior quarter as member demand for Early Release Scheme (ERS) payments diminished. Consequently, net contribution flows were positive for the quarter ($8.3 billion) and were $7.7 billion for the year. Benefit payments for the year to December 2020 were $113.3 billion, including approximately $36 billion paid under ERS which came into effect on 20 April 2020.

Key statistics for entities with more than four members for the year ended 31 December 2020:

December 2019

December 2020

Change

Total contributions

$118.4 billion

$120.7 billion

+1.9%

Total benefit payments

$81.2 billion

$113.3 billion

+39.4%

Net contribution flows

$40.0 billion

$7.7 billion

-80.9%

Copies of the publications are available on APRA’s website at: Quarterly superannuation statistics.

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