The Australian Prudential Regulation Authority's latest edition of Super Trends shows a 2.4% increase in superannuation assets for the final quarter of 2002. The total super assets for Australia stand at $517.9 billion – an increase of $12.2 billion over the September quarter figure.

It was the super funds with less than five members that continued to experience strong growth during the quarter with assets of about $103 billion. Industry funds were also a winner with a 4.7% increase for growth in assets.

Super funds were paying out 2.6 % less in benefit payments and 5.8% less in lump sum payments. They did, however, have an increase of 11.7% in pension payments and member contributions declined by 3.8% in the December quarter compared to September.

Net contributions during the quarter to December 2002 were $3.3 billion, up 5.6% on the previous quarter.