Australian superannuation members now have 66.2% more assets on average than they did a decade ago, according to the latest edition of the Annual Superannuation Bulletin.

The Australian Prudential Regulation Authority (APRA) bulletin says the average account balance in a superannuation entity was about $15,500 in 1997. By last year, the average balance had risen to about $25,800.

Total superannuation assets rose during the year to June 2005 by 18.5% to $761.9 billion.

Industry funds showed the greatest growth during the year, with assets increasing 27.4% to $119.8 billion. Assets in small funds also had strong growth, rising 26.3% to $175.2 billion. Retail fund assets grew 16.9% to $242.6 billion, public sector funds by 14.8% to $128.6 billion and corporate funds by 4% to $52.5 billion.

APRA Deputy Chairman Ross Jones says the new figures show that accelerated consolidation in the industry has resulted in fewer service providers being engaged by trustees.

Benefit payments from superannuation entities reached $30 billion for the year to June 30, 2005, and net rollovers totalled $6.8 billion.