Super returns 13% for the year through Sept, plus other highlights from APRA report

Australia’s superannuation system continues its upward trajectory, with returns for the year up 13% and total assets also growing at impressive rates. As at September 2024 total assets have reached $4.1 trillion, of which $2.8 trillion are held within funds regulated by the Australian Prudential Regulation Authority (APRA).

This insight comes from APRA's Quarterly Superannuation Performance Statistics report, which in this issue examines year-on-year trends for October 2023 through September 2024.

Here are the key takeaways related to the APRA-regulated funds (which exclude self-managed super funds and other niche funds):

• Total contributions. Over the past year through September, Aussies contributed $191.3 billion to their superannuation, an increase of 13.1% from the previous year. This includes contributions from employers and individuals.
• Employer contributions. Employers contributed $140.8 billion over the year, an annual growth of 11.4%, driven in part by the rising super guarantee (now 11.5%) and modest wage increases.
• Member contributions. Members voluntarily contributed $50.5 billion over the year. The  $14.9 billion in contributions during the September quarter were 21% lower than the June quarter, as many people tend to maximise their contributions closer to the end of the financial year rather than the beginning.

• Returns. Funds delivered a strong overall return of 13.4% for the year to September, while the five-year average annual return sits at 5.9%. While individual fund performance varies, and past performance is not a reliable indicator of future performance, the overall figures indicate solid growth.
• Withdrawals. Retirees withdrew $119.9 billion over the year to September, including pension payments (up 20.3%) and lump sums (up 4.9%).
• Net contributions. After withdrawals and transfers, net contributions for the year totalled $66 billion, an increase of 13.5% compared to the previous year.

Why engagement with your super matters

While APRA’s data highlights strong overall growth in Australia’s superannuation system, many Australians remain unsure about their super’s performance or whether they’re on track for a comfortable retirement.

According to our inaugural Mozo 2024 Superannuation report:

• More than 40% of Australians lack confidence in their super balance.
• 36% of Australians check their super’s performance no more than every two years—or never.
• Over 60% rarely or never compare super funds, potentially missing out on better-performing options.

Engaging more actively with your super can make a significant difference. Our analysis of historical performance data from the 2025 Mozo Experts Choice Awards for Superannuation shows that choosing the right fund could have added thousands—sometimes tens of thousands—to your account over five years.

Or if you just want to learn a little more about foundational superannuation topics – from how much you should have at each age to tips on boosting your contributions – check out our super guides hub.