The rate of growth for self-managed superannuation funds (SMSFs) in Australia has tapered slightly, but they now number over half a million, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The data, contained in APRA's annual superannuation bulletin, showed that the number of SMSFs grew by 7.1 per cent to 509,362 funds during the 2013 financial year.
The APRA data also served to confirm that SMSFs continue to contain the highest account balances.
It found that members of small funds held the largest average account balance of $524,905 at June 2013, compared with corporate fund members who held an average account balance of $119,711, public sector fund members who held $76,978 on average and retail fund members who held $29,370 on average.
The data showed that industry fund members held $28,172 on average.
Originally published by SMSF Essentials.
