The SMSF sector is growing by $23,200 every minute
The latest statistical report from APRA has been released (here’s a link to download it — https://bit.ly/2kIH9Oz), which of course mainly focuses on the APRA-regulated superannuation funds in the retail and industry sectors.
But the APRA statistics also make passing mention of ATO-regulated funds, the SMSF sector, which from June 2018 to June 2019 grew in total assets from $735.4 billion to $747.6 billion — an increase of $12.2 billion. For a bit of fun, you can think of that equalling roughly $33.4 million each day, $1.4 million each hour, or $23,200 every minute.
The number of SMSFs over that period grew from 581,853 to 599,678 — a jump of 17,825 funds (an establishment rate of just shy of 50 new funds every day).
The overall total of superannuation assets to the end of June 2019 was $2.87 trillion, an increase of 6.1% over the year.
Of APRA-regulated funds, the statistics show that industry funds grew in assets by 13.8% over the year to June 2019, but the retail sector only managed an increase of 0.51%. The trend was shown by the prudential regulator to be particularly emphasised over the last three months of the income year, with the industry fund share of assets increasing 6% compared to a retail funds growth of 0.36%.
A year ago, APRA’s statistics had industry and retail funds much closer in terms of their control over a proportion of total retirement saving assets, with industry funds holding 23.4% and retail 23%. The 2018-19 results show those figures now standing at 25% and 21.8%.
If you would like any assistance with your SMSF please don’t hesitate to contact the office in Mount Pleasant.
This information has been prepared without taking into account your objections, financial situation or needs,. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.