Super a 2013/14 growth industry
Superannuation has been identified as a growth industry in the new financial year by specialist business analysis firm IBISWorld.
In a new report released for sale this month, IBISWorld said superannuation funds topped the list of growth industries with an impressive 40.5 per cent rise anticipated in 2013-14, followed by iron ore mining, wind and other electricity generation, online shopping and internet publishing and broadcasting.
Analysing the latest forecasts, IBISWorld general manager (Australia) Karen Dobie said superannuation funds' revenue would be closely linked to the growth of Australian and global share markets.
"Though these markets are highly volatile, the share market drops in 2012-13 mean we're starting the new financial year from a low base — a good position from which to generate solid returns," she said.
Dobie said rising superannuation revenue would also be a result of low unemployment and the 0.25 per cent increase in compulsory contributions this financial year.
The IBISWorld report comes on the back of confirmation this week by specialist research house Chant West that super returns had finished the past financial year in solid double-digit territory.
Chant West principal Warren Chant said early estimates suggested that the median growth fund (61 to 80 per cent allocation to growth assets — the option in which the majority of members are invested) would post a return of about 15.5 per cent, which would be the second-highest single financial year return in the past 16 years.
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