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Super growth predicted
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The Australian superannuation market has been forecast to grow by 8 per cent a year over the next five years to reach $1,583 billion in mid-2014.
That is the bottom line assessment of actuarial research house Rice Warner, which has also predicted that the average member account balance, which currently stands at $62,600, would grow to $78,000 by 2014.
The data also predicted that while corporate funds would decline substantially by 2014, this would be countered by growth in all other sectors, with the commercial sector and industry funds leading the way.
Self-managed superannuation funds are predicted to continue growing in terms of assets, but to decline in terms of market share from a current level of 30.9 per cent to 26.3 per cent.
AUTHOR
Mike Taylor
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