The compulsory 9 per cent superannuation guarantee levy plus the advent of the Government’s new co-contributions arrangements saw the nation’s superannuation assets rise by 4.1 per cent in the December quarter to stand at $844 billion.
And the Australian Prudential Regulation Authority’s quarterly superannuation performance survey suggests that it has been industry funds that have been gaining the most traction in the immediate post choice environment.
The data, released on Wednesday, reveals industry funds showed the strongest growth during the quarter, with assets increasing by 5.9 per cent ($7.6 billion) to $137.2 billion, while retail fund assets grew by 4.4 per cent ($11.4 billion) to $271.5 billion.
By comparison, public sector fund assets grew by 3.9 per cent ($5.3 billion) to stand at $141.9 billion, while self-managed superannuation funds increased by 3.8 per cent ($7 billion) to $190.3 billion. Corporate superannuation continued to struggle, with corporate fund assets growing by 2.3 per cent ($1.2 billion) to $55.8 billion.
