Austsralia’s superannuation assets have reached $913.9 billion, according to the latest data released by the Australian Prudential Regulation Authority.
APRA said total estimated superannuation assets increased by 19.3 per cent in the 12 months to June 2006, with industry fund assets increasing at the fastest rate.
It said industry fund assets increased by 3.1 per cent, retail funds increased by 1.9 per cent, and public sector fund assets increased by 0.7 per cent.
However, the consolidation of the corporate superannuation arena continued, with the APRA data showing assets held by corporate superannuation funds decreasing by 7.6 per cent during the June quarter.
Retail funds remained the dominant players in the superannuation arena, accounting for 32.3 per cent of total assets held, followed by self-managed superannuation funds with 23 per cent, while industry funds held 16.9 per cent.
APRA said there was $21.4 billion in contributions in the June quarter, comprised of $10 billion to retail funds, $5.4 billion to industry funds, $5.1 billion to public sector funds, and $903 million to corporate funds.
The APRA report said that after several good quarters of investment returns, Australian superannuation funds recorded negative returns in the June quarter, and this was consistent with broad movements in asset prices.
It said the return on assets in the June quarter was negative 0.6 per cent, with industry funds generating a return of negative 0.2 per cent.
