The growth in superannuation over the past year was driven by strong contribution inflows, reflecting higher employment growth, higher wage inflation and strong investment market returns.
Total superannuation assets grew to over $3.5 trillion by the end of June 2023, of which $2.5 trillion are in APRA-regulated funds. Over the quarter, total superannuation assets increased by 2.1 per cent, driven by a high-level of contributions and a positive quarterly rate of return. Total MySuper assets increased by 3.3 per cent over the June 2023 quarter to $996.0 billion.
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