SMSF sector continues strong growth
Australia's self managed super fund (SMSF) sector enjoyed more solid growth in 2012-13, with the number of funds and assets under management increasing markedly, according to the latest Australian Prudential Regulatory Authority (APRA) superannuation statistics.
According to APRA, the number of funds enjoyed a 7 per cent increase (33,546), taking the total number of funds comfortably past the half-million milestone to 509,362.
Asset growth, which was buoyed by stronger markets, jumped 15.3 per cent or $67.4 billion to stand at $505.5 billion at 30 June, 2013.
Commenting on the trends, Jordan George, senior manager, technical and policy, for the SMSF Professionals' Association of Australia (SPAA), said the statistics were encouraging, especially in relation to the number of funds.
"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," he 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."
With SMSF assets representing 31.2 per cent of all assets in superannuation, George said that the continued popularity of SMSFs was clear.
"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," he said.
Originally published on SMSF Essentials.
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