There was a slight dip in the increase from the March quarter, which saw a rise in total SMSF super fund assets of nearly 9 per cent to $932.9 million.

SMSF Association CEO Peter Burgess said that as most SMSF annual returns for the 2023–24 income year have not yet been lodged, the APRA figures may not be 100 per cent accurate.

However, he said he is not surprised by the figures, given the strong SMSF establishment numbers seen in the Australian Taxation Office’s (ATO) quarterly statistics.

“The industry’s response to the market valuation mailout from the ATO, which took place back in April/May 2024, and put the industry on notice that the ATO is looking closely at funds with the same asset values for some years, may have also been a factor in the strong growth in asset values,” he said.

The latest report shows that total superannuation assets increased by 0.4 per cent over the quarter to reach $3.9 trillion as at June 2024, of which $2.7 trillion are in APRA-regulated funds.

Additionally, total contributions increased by 11.2 per cent to $183.9 billion in the year ending in June 2024. Of this, employer contributions increased by 11.8 per cent over the year to $137.1 billion. Member contributions increased by 9.8 per cent over the year to $46.9 billion.

Benefit payments increased by 15.3 per cent to $117.7 billion in the year ending in June 2024. This increase was the result of lump-sum payments rising by 9.2 per cent to $64.1 billion and pension payments increasing by 23.7 per cent to $53.6 billion.