The latest KPMG Public Offer Superannuation Fund Index shows that industry funds charge the lowest administration fees compared to their retail counterparts, with Australian Primary Superannuation Fund emerging the cheapest, with a fee of just 0.18 per cent.
Runner up Retail Employees Superannuation Trust (REST) comes in at 0.20 per cent, and the Australian Retirement Fund (ARF), HESTA, Superannuation Trust of Australia and Sunsuper were ranked equal third with 0.26 per cent.
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.