(February-2002) Assets shrink, but not for long
The impact of the September 11 terror attacks on the already sluggish global economy wiped away 4.2 per cent from superannuation assets during the September 2001 quarter, leaving them at $501.6 billion, according to statistics released by the Australian Prudential Regulation Authority (APRA).
APRA notes that the impact, most notable in global equities, meant that $26.2 billion vanished from overall net earnings figures for the September quarter.
Public sector super funds experienced the largest drop in assets during this quarter (-9.2 per cent), followed by corporate funds (-6.7 per cent). Industry fund assets dropped 1.6 per cent, while retail super fund assets declined by 1.7 per cent.
But while returns were battered by world events, actual contributions to super were up 4.3 per cent over the quarter, compared to the same period the year before. But there is no need to despair because, as APRA points out, the global share market’s recovery in the December quarter means that funds under management and super assets have also rebounded.
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