Super funds make asset comeback
Industry superannuation funds led the broader bounce back in superannuation assets under management for the June 2003 quarter, after posting an 8.5 per cent rise or $4.4 billion over the period.
According to the latest edition of Super Trends by theAustralian Prudential Regulation Authority(APRA), superannuation assets in Australia rose 6.8 per cent over the quarter to $533.9 billion.
APRA says the broad rise in assets across the superannuation industry for the June quarter was largely due to the rise in asset values in the market over the period.
Public sector funds grew by 6.1 per cent or $6.2 billion, retail funds grew by 4.7 per cent or $8.1 billion and corporate funds by 4.7 per cent or $2.6 billion over the quarter.
Small fund assets, or super funds with fewer than five members, continued to grow and now stand at $109.1 billion, an increase of 10 per cent over the quarter.
Employers contributed $11.2 billion into superannuation over the quarter, up 38.2 per cent on the previous quarter, while member contributions increased by 29.3 per cent over the same period.
Contributions received totalled $16.8 billion, an increase of 35 per cent over the quarter, and net contributions (contributions less benefits) stood at $9.2 billion - an increase of $4.7 billion.
APRA says a trend in the report was an increase in benefit payments (excluding transfers) of 2.3 per cent over the year, with lump sum and pension payments increasing by 1.7 per cent and 4.8 per cent respectively.
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