APRA figures reveal solid SMSF growth

23 August 2013: The self managed super fund (SMSF) sector enjoyed solid growth in 2012-13 with the numbers of funds and assets under management increasing markedly, according to the latest Australian Prudential Regulatory Authority (APRA) superannuation statistics.

The numbers of funds enjoyed a 7% increase (33,546), taking the total number of funds comfortably past the half-million milestone at 509,362.

Asset growth, which was buoyed by stronger markets, jumped 15.3% ($67.4 billion) to stand at $505.5 billion at 30 June 2013.

Jordan George, Senior Manager, Technical & Policy, of the SMSF Professionals’ Association of Australia (SPAA), says the trends, especially in relation to the number of funds, were encouraging.

“Fund growth in the high single digits is where SPAA likes to see it – solid growth without the suggestion that there is a mad rush into SMSFs.

“It all points to a healthy SMSF sector with continual growth in the size of the sector and the assets that are being placed in SMSFs.

“It certainly reinforces the fact that SMSFs continue to remain popular and that more and more Australians have the confidence to manage their own retirement savings through an SMSF, comfortable in the knowledge they can get specialist advice when they need it.”

SMSF assets represent 31.2% of all assets in superannuation. This market share is followed by retail funds with of 26.1% of superannuation assets, industry funds with 20.0% of assets and public sector funds with 15.9% of assets.

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