The prospect of more relaxed taxation and withdrawal arrangements has helped boost Australia’s funds under management by almost 20% over the 12 months to June this year.

The latest Australian Prudential Regulation Authority (APRA) figures show there is now $913.9 billion invested in super assets. That includes about $21.4 billion that was added over the last quarter of the financial year.

Employers were responsible for 63% of those contributions, with fund members accounting for $7.5 billion in personal top-ups. Other superannuation funds came via the government Co-Contribution Scheme and from spousal contributions.

APRA’s quarterly superannuation performance report shows funds suffered a slight fall in their combined return on assets over the three months to June 30. Industry funds lost 0.2% as the Australian sharemarket dipped late in the quarter, and retail funds lost 0.8%.

The prudential regulator says slight losses were expected and should be considered in the context of unexpectedly high returns earlier in the year.