Tough June quarter hits super assets
Variable markets have served to undermine superannuation assets, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The APRA data covering the June quarter revealed that total estimated superannuation assets had fallen by 2.5 per cent over the period to $1.23 trillion, representing a minor reversal of a broad recovery over the previous 12 months.
The APRA data revealed that over the 12 months to June, there had been a 14.1 per cent increase in total estimated super assets.
Most damage in the June quarter downturn was incurred by corporate funds, where assets decreased by 7.8 per cent, while those for retail funds decreased by 3.5 per cent and industry funds decreased by 0.5 per cent.
Self-managed superannuation funds (SMSFs) decreased by 2.6 per cent but the sector still accounted for the largest proportion of superannuation assets, accounting for 31.8 per cent of the industry, followed by retail funds with 27.6 per cent and industry funds with 18.4 per cent.
Reflecting the negativity of the quarter, the APRA data revealed that the rate of return for the period was negative 3.8 per cent.
AUTHOR
Mike Taylor
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