Volatility hits super returns
Despite the recent decline in markets, Australia now boasts $1.10 trillion in superannuation assets, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The data, released today, reveals that total assets over the 12 months to March 31 rose by $37.4 billion or 3.5 per cent to total $1.10 trillion, and that this had been achieved despite a fall of $74.9 billion or 6.4 per cent in the March quarter.
Retail funds continue to dominate inflows, receiving 38.9 per cent or $7.1 billion of contributions during the March quarter while industry funds received 29.2 per cent or $5.3 billion and public sector funds 27.2 per cent or $5 billion. Corporate funds received 4.7 per cent of contributions, representing $868 million during the quarter.
However, when it came to feeling the impact of declining markets over the March quarter, industry fund assets fell by 4.8 per cent or $9.9 billion to $197.5 billion, public sector fund assets fell by 6.2 per cent or $11.3 billion to $170.2 billion and retail fund assets fell by 7.9 per cent or $29.2 billion to $343.8 billion.
AUTHOR
Mike Taylor
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
