Australia’s superannuation assets dropped by 2.7 per cent during the September 2002 quarter, bringing the overall value of superannuation assets to $505.7 billion, according to the Australian Prudential Regulatory Authority (APRA).
This slump follows a 2.8 per cent fall in the previous quarter as poor investment markets took their toll, and occurred despite the hike in the Super Guarantee to 9 per cent in July last year.
During the September quarter, employers contributed $8.3 billion to super — up 21.3 per cent on the September 2001 quarter. But members were more cautious, forking out only $4.5 billion of their own money to super, which is 24.5 per cent less than what they contributed for the same quarter the previous year.
