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Super Funds break through $1 trillion barrier
Total superannuation fund assets in Australia broke through the $1 trillion barrier to reach $1.1 trillion during the March quarter of 2007, according to data released late last month by the Australian Prudential RegulationAuthority(APRA).
The release of the APRA data saw the industry funds movement immediately claim the laurels for the highest levels of inflows during the quarter, reflecting the fact they represented “a compelling choice”.
APRA’s Quarterly Superannuation Performance publication showed total superannuation assets increased by $44.7 billion during the March quarter — an increase of 17.1 per cent over the same period last year.
It said industry funds had shown the strongest growth during the quarter, with assets increasing by 6.2 per cent ($10.6 billion) to $182.7 billion, while public sector fund assets grew by 5.1 per cent to $165.8 billion and retail fund assets grew by 3.7 per cent to $343.9 billion.
Corporate superannuation funds continued to struggle during the quarter, with assets increasing by 2.6 per cent to $69.4 billion.
APRA’s analysis of the data revealed wholesale trusts remained the most common destination for superannuation funds. At the end of March, funds with at least $50 million in assets had 30.6 per cent of superannuation assets invested in wholesale trusts, while 22.1 per cent was invested in life insurance companies.
It said the combined return on assets during the quarter was 2.7 per cent, albeit that public sector funds had returned 3.1 per cent, corporate funds had returned 3 per cent and industry funds had returned 2.9 per cent
AUTHOR
Mike Taylor
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