Super assets approach $1.3 trillion

A resumption of positive returns for superannuation funds has seen the size of the industry reach $1.28 trillion, according to the latest data released by the Australian Prudential Regulation Authority (APRA).

The latest APRA data revealed that for the 12 months to the end of September the value of assets in the industry rose by $93.2 billion, including a rise of $55.4 billion during the September quarter.

Industry superannuation funds remained the fastest growing segment of the industry, growing their assets by 5.4 per cent during the quarter. Public sector funds grew by 4.9 per cent, corporate funds by 3 per cent and retail funds by 4 per cent.

While industry funds remained the fastest growing segment, retail funds continued to dominate in terms of scale, receiving 32.4 per cent of contributions during the September quarter, compared to 31.2 per cent for industry funds and 31.2 per cent for public sector funds.

Only a narrow margin separated the returns generated by the funds with corporate funds leading the way with a return of 4.2 per cent, followed by public sector funds with 3.9 per cent, industry funds with 3.8 per cent and retail funds with 3.7 per cent.

The adverse market conditions over the earlier part of 2010 appeared to impact of contributions, with spouse contributions and co-contributions totalling just $143 million for the quarter.