Super pie hits $700bn
Australia’s total superannuation assets broke the $700 billion barrier during the quarter to March 31, 2005.
According to the Australian Prudential Regulation Authority’s Quarterly Superannuation Performance report, the total in all types of super fund grew to $710 billion, up 2.4 per cent over the quarter and up 12.5 per cent over the three quarters of the 2004-05 financial year for which data has so far been collated.
Industry funds led the market-assisted growth, up 4.1 per cent over the quarter to $104.3 billion, while retail funds added 2 per cent to hit $235 billion.
Public sector fund assets grew 2.4 per cent to $122.7 billion, although the introduction of the Future Fund is expected to give this sector a massive boost some time in the 2005-06 financial year.
Corporate fund assets remained at $65 billion, reflecting the expected slow extinction of this sector as company’s outsource their own super funds to retail specialists or, increasingly, special corporate super sections of industry funds.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
