Super grows 2.6 per cent in first quarter

Australia’s total estimated superannuation assets increased by 2.6 per cent in the March 2010 quarter to $1.26 trillion, according to new figures released by the Australian Prudential Regulation Authority (APRA).

The biggest growth came from industry funds and self-managed superannuation funds (SMSFs) with an increase in assets of 3.6 per cent each, according to APRA’s Quarterly Superannuation Performance report.

The slowest performance was seen in retail funds with a 1.6 per cent asset increase, while public sector funds’ assets increased by 2.7 per cent and corporate funds’ assets increased by 1.7 per cent.

SMSFs were comfortably the largest slice of the superannuation sector, holding a total of 31.8 per cent of Australian super assets as at 31 March, followed by retail funds with 27.9 per cent. Industry funds held 18 per cent of total assets, public sector funds 14.1 per cent and corporate funds 4.8 per cent.

There was a strong shift of funds flowing into industry funds, which received $403 million of net rollovers. Public sector funds lost $469 million through rollovers, corporate funds $382 million and retail funds experienced negative rollovers of $95 million.

The combined rate of return was 1.6 per cent for the quarter, led by public sector funds with 1.9 per cent. Retail funds again lagged with 1.3 per cent, while the return for corporate funds was 1.8 per cent and for industry funds 1.6 per cent.