Total super assets climb past $3.8 trillion

InvestorDaily

According to new data from the Australian Prudential Regulation Authority (APRA) for the March 2024 quarter, total superannuation assets have now crossed $3.8 trillion. This marks a 11.3 per cent rise from $3.4 trillion in March 2023 and 4.2 per cent over the quarter.

“This increase was led by strong growth in APRA-regulated funds, which increased by over 4.8 per cent over the quarter, driven by strong returns from financial markets. Of the total superannuation assets, $2.7 trillion are in APRA-regulated funds,” APRA explained.

Meanwhile, total contributions increased by 11.3 per cent to $177.0 billion in the year ending in March 2024. “Of this, employer contributions were $33.5 billion for the quarter and $133.3 billion for the year ending March 2024, which was 12.4 per cent higher compared to the previous year,” APRA said.

The rest of this article can be found at investordaily.com.au.