Volatility hits super returns
Despite the recent decline in markets, Australia now boasts $1.10 trillion in superannuation assets, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The data, released today, reveals that total assets over the 12 months to March 31 rose by $37.4 billion or 3.5 per cent to total $1.10 trillion, and that this had been achieved despite a fall of $74.9 billion or 6.4 per cent in the March quarter.
Retail funds continue to dominate inflows, receiving 38.9 per cent or $7.1 billion of contributions during the March quarter while industry funds received 29.2 per cent or $5.3 billion and public sector funds 27.2 per cent or $5 billion. Corporate funds received 4.7 per cent of contributions, representing $868 million during the quarter.
However, when it came to feeling the impact of declining markets over the March quarter, industry fund assets fell by 4.8 per cent or $9.9 billion to $197.5 billion, public sector fund assets fell by 6.2 per cent or $11.3 billion to $170.2 billion and retail fund assets fell by 7.9 per cent or $29.2 billion to $343.8 billion.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
