Super pie hits $700bn
Australia’s total superannuation assets broke the $700 billion barrier during the quarter to March 31, 2005.
According to the Australian Prudential Regulation Authority’s Quarterly Superannuation Performance report, the total in all types of super fund grew to $710 billion, up 2.4 per cent over the quarter and up 12.5 per cent over the three quarters of the 2004-05 financial year for which data has so far been collated.
Industry funds led the market-assisted growth, up 4.1 per cent over the quarter to $104.3 billion, while retail funds added 2 per cent to hit $235 billion.
Public sector fund assets grew 2.4 per cent to $122.7 billion, although the introduction of the Future Fund is expected to give this sector a massive boost some time in the 2005-06 financial year.
Corporate fund assets remained at $65 billion, reflecting the expected slow extinction of this sector as company’s outsource their own super funds to retail specialists or, increasingly, special corporate super sections of industry funds.
AUTHOR
Michael Bailey
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
