Australia’s total superannuation assets grew almost 8% to $2.7 trillion in the year to June, according to APRA (Australian Prudential Regulation Authority).
Total APRA-regulated assets hit $1.76 trillion, up 9.1%.
Here’s the breakdown:
The superannuation industry has been under scrutiny, with the financial services royal commission examining the fees charged, the use of member funds and an apparent conflict of interests between member interests and those of retail fund shareholders.
In the June 2018 quarter, total superannuation assets grew 3.6%.
APRA-regulated assets were up 3.7%, self-managed supers 3.9%, public sector superannuation schemes assets 2.6% and balance of life office statutory fund assets were down 0.9%.
However, total contributions to super funds fell over the year by 6.5% to $109.4 billion.
The annual industry-wide rate of return for funds with more than four members was 7.6% and the five year annual average 7.9%, as this chart shows:
Business Insider Emails & Alerts
Site highlights each day to your inbox.