June quarter super inflows up 175 per cent on 2006

Neil Roderick

Macquarie Adviser Services (MAS) has revealed the full gravity of the rush by people to take advantage of the Federal Government’s simpler super regime, declaring that it recorded inflows totalling in the order of $17.7 billion during the June quarter.

Perhaps just as importantly, MAS said it accepted $5 billion of this amount in the last week of June alone.

Commenting on the inflows, the head of Macquarie Adviser Services, Neil Roderick, said they were unprecedented.

“Macquarie Adviser Services’ figures on their own show that Australians overwhelmingly took up this opportunity and, according to media reports, this has had a remarkable effect on inflows into all platforms and superannuation funds across the industry,” he said.

Roderick said the $17.7 billion in total inflows for the June quarter was the largest three-month total Macquarie Adviser Services had ever experienced in such a short timeframe.

“The inflows were undoubtedly associated with the Government’s legislative changes because the total superannuation applications received throughout April to June increased by 115 per cent over the same time last year, and total applications received in June increased by 175 per cent over June 2006,” he said.

Looking at the publicity that had surrounded talk of a $1 million window of opportunity, Roderick said that at the end of June Macquarie Adviser Services had received a total of $3.5 billion in $1 million contributions.