The self managed superannuation sector showed solid asset growth in the three months to 30 September 2013, according to the latest statistics from the Australian Prudential Regulation Authority (APRA).
SMSF assets grew to $531.5 billion in this period for an increase of $24.2 billion, or 4.8%, and over the 12 months to 30 September 2013 grew $76.5 billion or 16.8%.
The SMSF Professionals’ Association of Australia (SPAA) chief executive officer Andrea Slattery says this growth illustrates the ongoing strength of the SMSF sector and the desire of people to take control of their own retirement income.
“There can be no doubting this trend with the APRA figures also showing the number of funds grew by 6933 or 1.4% in the September quarter or by 31,375 or 6.5% for the 12 months to 30 September.
She says that 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.
The total superannuation pool grew to $1.747 trillion, up by $129 billion or 8%, in the September quarter, and for the 12 months to 30 September it grew $288 billion or 19.7%.
