In its quarterly report, APRA announced total superannuation assets had increased by 9.6 per cent in the 12 months to September 2014.
As of the end of September, assets totalled $1.87 trillion, the report found.
MySuper products have also grown dramatically over the year, with assets increasing by 128.2 per cent in the period to September.
In total, $378.1 billion in assets are now held in MySuper accounts.
Contributions have also crept upwards in recent months, rising by 7.2 per cent in the September quarter.
For super funds with more than four members, total contributions came to $23.6 billion for the quarter and $96.8 billion for the year.
In terms of asset allocation, a majority of super funds continued to favour equities, attracting 51 per cent of the total investment for funds with more than four members.
In addition, 33 per cent of investments were made in fixed income and cash, 12 per cent in property and infrastructure and four per cent in other assets, including hedge funds and commodities.
Across the industry as a whole, APRA found the rate of return for the year came to 8.2 per cent.
Meanwhile, for the five years to September 2014, the annualised geometric-average rate of return came to 6.9 per cent, the APRA report stated.
