The superannuation savings pool increased by 7.4 per cent to $2.1 trillion in the 12 months to September 2016, the latest statistics from the prudential bank regulator have revealed.
The Australian Prudential Regulation Authority's (APRA) Quarterly Superannuation Performance for September 2016 found that the total funds within the super system totalled $2.1 trillion as of 30 September 2016.
Total assets in MySuper products sat at $492.2 billion at the end of the September 2016 quarter, up 13.6 per cent over the previous 12 months.
There was a corresponding decrease of 23.7 per cent in accrued default super to $39.6 billion.
Self-managed superannuation funds (SMSFs) accounted for $588.8 billion of total superannuation assets, or 30 per cent of the total pool.
Of the total APRA regulated pool of superannuation funds ($1.2 trillion): 35 per cent was comprised of industry funds, 43 per cent was retail money, 17 per cent was public sector funds and 4 per cent was corporate super funds.
There were $23.2 billion of contributions to the superannuation pool in the September 2016 quarter, down 4.7 per cent on the prior corresponding period.
Total contributions for the year ending 30 September 2016 were $103.1 billion, according to APRA.