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
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
Merchant Wealth’s David Haintz has described how the firm differs from the traditional private equity ventures jumping into Australia, and why M&A isn’t like Married at First Sight.
