Federal Treasurer Peter Costello acknowledged Australia’s surpassing of the $1 trillion mark in consolidated assets by saying it reflected the nation’s status as the global centre of Asia-Pacific’s funds management.
According to figures released by the Australian Bureau of Statistics, the consolidated assets of Australia’s managed funds market increased by $56.8 billion (6 per cent) since December 2005.
This was mainly driven by new investments and changes in asset values during the March quarter.
Of the increase, superannuation funds experienced the biggest boost in consolidated assets, rising by $39.2 billion (7.9 per cent).
The new figures strengthen the nation’s position as the 17th largest economy in the world, with finance and insurance being the third largest sector in Australia’s economy.
