The SMSF Professionals’ Association of Australia (SPAA) has described as encouraging the continued growth of the sector reflected in the latest Australian Prudential Regulation Authority (APRA) statistics.
According to the APRA data published last week, the total number of SMSFs increased by 33,546 funds in the 2013 financial year, representing a jump of 7 per cent. The result takes the number of SMSFs in Australia to 509,362.
Similar to the total number of funds, the value of the assets managed by the SMSF sector also experienced growth, with a rise of $67.4 billion or 15.3 per cent. As a result, the total assets held within SMSF portfolios as at 30 June 2013 was $505.5 billion, according to APRA.
The figures mean the SMSF sector continues to be the largest segment of the superannuation industry, accounting for 31.2 per cent of the total value of all retirement savings assets in the country.
“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,” SPAA technical and policy senior manager Jordan George said.
“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.”
In relation to the other industry categories, retail funds made up 26.1 per cent of superannuation assets, industry funds 20 per cent and public sector funds 15.9 per cent.
