Financial services on health growth path
Australia’s total financial services market is projected to grow at an average annual rate of 10.8 per cent a year over the next 10 years, according to the latest data released by research house, Dexx&r.
The company’s latest Market Projections Report, released today, said the total superannuation market sector was projected to increase by an average annual growth rate of 12.1 per cent to $3,013 billion, with industry funds and employer superannuation projected to record the strongest growth.
It said the industry fund sector was projected to increase to $686 billion and the employer super sector was projected to increase to $386 billion by December, 2016.
However, it said that growth in the superannuation sector towards the end of the 10-year period would be tempered by the effect of Australia’s ageing population.
Looking at the likely shape of the Australian financial services market as a whole by December 31, 2016, the Dexx&r data suggests that retail savings will stand at 10.62 per cent, retail superannuation at 45.57 per cent, retail risk products at 0.44 per cent and group superannuation at 32.13 per cent.
AUTHOR
Mike Taylor
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