Super assets break through $1 trillion barrier
Funds held in superannuation broke through the $1 trillion mark in December, according to the latest figures released by the Australian Prudential Regulation Authority (APRA).
Apart from revealing that retail funds accounted for the largest proportion of assets (32.8 per cent), the APRA data also revealed that the number of self-managed superannuation funds had grown to become the second largest sector in the superannuation industry, accounting for 23.2 per cent of total assets.
Despite being the fastest-growing sector, industry funds accounted for 17 per cent of total assets, while public sector funds accounted for 15.6 per cent and corporate funds held just 6.7 per cent.
Funds held in superannuation had been widely tipped to break through the $1 trillion mark during the December quarter, and the APRA data revealed that in the three months to December 31, there had been $18.1 billion in contributions comprised of $8.3 billion to retail funds, $4.7 billion to industry funds, $4.2 billion to public sector funds and $914 million to corporate funds.
The good news for the Government is that while employer contributions accounted for 65 per cent of the money directed towards superannuation, the level of member contributions had grown to 35.3 per cent, while spouse contributions and government co-contributions accounted for 2.3 per cent.
AUTHOR
Mike Taylor
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
