MySuper assets surge to $1tn

Total MySuper assets are approaching $1 trillion, representing 40 per cent of assets held by APRA-regulated superannuation entities (RSEs). 

In the annual APRA superannuation bulletin for the financial year 2022–23, it said MySuper products have $995.3 billion in assets under management as of 30 June 2023 divided between 50 products. 

This is up from $881 billion a year ago, a rise of 12.9 per cent. 

Around half of the MySuper products have a life cycle strategy with $360 billion in total assets. 

VIEW ALL

View all

The number of MySuper accounts rose from 14.2 million a year ago to 14.9 million and these accounted for 65 per cent of total member accounts among entities with more than six members. 

Fees paid in relation to MySuper products totalled $3.5 billion for the year with 85.7 per cent of fees paid to members and the remainder paid from reserves. Some $1.8 billion was for administration and $1.7 billion was for investment fees. 

The average MySuper member balance was $63,976.

Overall total superannuation industry assets were $3.6 trillion with 69 per cent held by RSEs and $0.9 trillion held by self-managed superannuation funds (SMSFs). The remainder is held by exempt public sector superannuation schemes and the balance of life office statutory funds. 

At 30 June 2023, there were 78 APRA-regulated RSE licensees responsible for managing 111 funds with more than six members. These funds had 22.3 million member accounts.

For funds with more than six members, the number of member accounts increased by 3.4 per cent to 23 million and there was an average member balance of $111,380. 

However, APRA noted the number of APRA-regulated funds declined by 31.5 per cent from 1,993 to 1,365 while the number of funds with more than six members has declined from 188 to 111, a fall of 40 per cent. 

Over five years the number of member accounts had decreased by 13.6 per cent from 26.7 million in June 2018 as a result of the transfer of balances in inactive, low-balance accounts to the Australian Taxation Office (ATO). 

Over the same period, the number of APRA-regulated funds declined by 31.5 per cent from 1,993 to 1,365 while the number of funds with more than six members has declined from 188 to 111, a fall of 40 per cent. 

In contrast, the number of SMSFs rose by 9.6 per cent from 557,075 in June 2018 to 610,287.