The compulsory 9 per cent superannuation guarantee levy plus the advent of the Government’s new co-contributions arrangements saw the nation’s superannuation assets rise by 4.1 per cent in the December quarter to stand at $844 billion.
And the Australian Prudential Regulation Authority’s quarterly superannuation performance survey suggests it has been industry funds gaining the most traction in the immediate post-choice environment.
The data, released on Wednesday, reveals industry funds showed the strongest growth during the quarter, with assets increasing by 5.9 per cent ($7.6 billion) to $137.2 billion, while retail fund assets grew by 4.4 per cent ($11.4 billion) to $271.5 billion.
By comparison, public sector fund assets grew by 3.9 per cent ($5.3 billion) to stand at $141.9 billion, while self-managed super funds increased by 3.8 per cent ($7 billion) to $190.3 billion.
Corporate superannuation continued to struggle, with corporate fund assets growing by 2.3 per cent ($1.2 billion) to $55.8 billion.
