Super assets approach $1.3 trillion
A resumption of positive returns for superannuation funds has seen the size of the industry reach $1.28 trillion, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The latest APRA data revealed that for the 12 months to the end of September the value of assets in the industry rose by $93.2 billion, including a rise of $55.4 billion during the September quarter.
Industry superannuation funds remained the fastest growing segment of the industry, growing their assets by 5.4 per cent during the quarter. Public sector funds grew by 4.9 per cent, corporate funds by 3 per cent and retail funds by 4 per cent.
While industry funds remained the fastest growing segment, retail funds continued to dominate in terms of scale, receiving 32.4 per cent of contributions during the September quarter, compared to 31.2 per cent for industry funds and 31.2 per cent for public sector funds.
Only a narrow margin separated the returns generated by the funds with corporate funds leading the way with a return of 4.2 per cent, followed by public sector funds with 3.9 per cent, industry funds with 3.8 per cent and retail funds with 3.7 per cent.
The adverse market conditions over the earlier part of 2010 appeared to impact of contributions, with spouse contributions and co-contributions totalling just $143 million for the quarter.
AUTHOR
Mike Taylor
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
