Superannuation contributions made by employers jumped to a fresh record of $15.39 billion in the second quarter of 2012, reflecting strong employment and a jump in employers' wages bills, according to data from the Australian Bureau of Statistics (ABS).
Total social contributions made by employers to employees, which is primarily made up of super contributions but also includes workers' compensation premiums, rose 5.4 per cent in the June 2012 quarter to $19.51 billion in original terms. That was up from $18.51 billion in the March quarter.
Of the $19.51 billion payment, 78.9 per cent, or $15.39 billion, was made up of employers' superannuation contributions, which jumped 5.4 per cent from $14.60 billion in the March quarter, according to data from the ABS.
Employers' super contributions were up 6.9 per cent from $14.40 billion a year earlier.
Total compensation of employees, made up primarily of salaries and wages, jumped to $184.04 billion in the June quarter, up 5.3 per cent from $174.86 billion in the first quarter and up 6.7 per cent from $172.50 billion in June 2011.
Amidst healthy growth in employees' salary and wages, the $15.39 billion contribution to superannuation savings made by employers is the biggest ever and will add to the nation's superannuation savings pool, which was worth $1.40 trillion in the June 2012 quarter.
Over the 12 months to June 2012 there was a 3.7 per cent increase in total estimated superannuation assets.
That jump in second-quarter employer superannuation contributions came with robust economic growth. The Australian economy grew a seasonally adjusted 0.6 per cent in the June 2012 quarter, to be 3.7 per cent higher than a year earlier.
The jump in employer super contributions also reflects a robust labour market, with just 5.3 per cent unemployment in June 2012, with the rate having since fallen to 5.1 per cent in August.
Employer contributions measured by the ABS are contributions received from employers and include mandated employer contributions such as Superannuation Guarantee (SG) amounts, salary sacrifice contributions made by employees and voluntary employer contributions.
According to separate data from the Australian Prudential Regulation Authority, there was a total of $29.9 billion of superannuation contributions in the June 2012 quarter, comprising $11.4 billion to public sector funds, $9.2 billion to retail funds, $8.2 billion to industry funds and $1.0 billion to corporate funds.
That figure includes not only employer contributions, but member contributions, which totaled $5.6 billion in the second quarter and contributions into superannuation from other parties such as spouse contributions and government co-contributions, which totaled $141 million.
