Super industry reaches $2.9trn

Superannuation assets increased 6.2 per cent to $2.9 trillion over the year to 30 June 2019 with the industry’s largest weighting towards international listed equities, according to Australian Prudential Regulation Authority (APRA) statistics.

Of which, MySuper products reached $755.9 billion over the same period, up 11.6 per cent, APRA’s latest ‘Quarterly superannuation performance statistics’ report found.

Self-managed superannuation fund assets rose 1.7 per cent to $747.6 billion.

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Source: APRA

The report noted that over the June quarter APRA-regulated assets increased 4.3 per cent to $2.1 trillion.

While equities dominated allocation at 50.9 per cent ($1.8 trillion) – it was international listed equities that had the largest weighting at 24.4 per cent compared to Australian listed equities at 22.4 per cent, and four per cent for unlisted equities.

Fixed income and cash investments accounted for 31.4 per cent of investments with 21.6 per cent for fixed income and 9.8 per cent in cash. Property and infrastructure accounted for 14.2 per cent of investments while other assets including hedge funds and commodities accounted for 3.6 per cent.

Source: APRA

The report found the annual industry-wide rate of return for entities with more than four members for the year ending June 2019 was 7.3 per cent, and 7.3 per cent for the five-year average annualised.