The self-managed super fund sector showed solid asset growth in the three months to 30 September this year, the latest statistics from the Australian Prudential Regulation Authority (APRA) show.
assets have grown to $531.5 billion, with an increase of 4.8%, or $24.2 billion, over the three months until end of September. Over the 12 months to 30 September they grew 16.8%, or $76.5 billion.
This growth illustrates the ongoing strength of the SMSF sector and people’s desire to take control of their own retirement income, SMSF Professionals’ Association of Australia (SPAA) chief executive Andrea Slattery said.
APRA figures also show the number of funds grew by 6,933 in the September quarter and by 31,375 in the 12 months to 30 September.
SPAA expects the growth in SMSF funds under management to continue with the increased contribution caps for older Australians taking effect, stronger returns in equities and property markets and greater investor confidence, Slattery said.
The total superannuation pool grew to $1.747 trillion – up by $129 billion, or 8%, in the September quarter. For the 12 months to 30 September it grew $288 billion, nearly 20%.