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SMSFs still the biggest sector

The latest Australian Prudential Regulation Authority (APRA) superannuation statistics have shown the SMSF sector remained the largest by asset value as at 30 June 2016.

The APRA “Quarterly Superannuation Performance” data for June 2016 revealed of the $2.110 trillion of total retirement savings assets in Australia, $622 billion resided within SMSFs. This figure represents 29.5 per cent of the total superannuation assets by dollar value in the country.

This proportion of total superannuation assets by dollar value made up of SMSFs was steady over the 12-month period, with SMSFs accounting for 29.6 per cent of all superannuation assets at the same time last year.

The statistics showed the proportion of total superannuation assets held by industry funds increased from 21.3 per cent to 22.1 per cent over the 12 months to 30 June 2016, while the ratio of assets for which retail funds accounted slipped from 26.3 per cent to 25.8 per cent for the same period.

According to the report, the growth of SMSFs, in terms of establishments, continued to be strong, with net set-ups for the year to 30 June 2016 coming in at 29,935. The activity resulted in the total number of SMSFs closing at 577,236 at the end of June, up from 547,301 at the same time last year.

The jump in the number of SMSFs represented a 5.5 per cent increase.

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