Super assets fall by $25b

 

ANNUAL superannuation figures released by regulative body the Australian Prudential Regulation Authoority (APRA) show that total super assets have fallen by $25.1 billion, or 2.1 per cent, to $1.17 trillion.
Small funds, which have fewer than five members, were the only funds to experience an increase in assets over the year to June 30, 2008, with 6.7 per cent growth to $361.3 billion.
Corporate funds’ assets fell by 10.1 per cent to $62.1 billion, retail funds’ assets by 7.2 per cent to $343.3 billion, public sector funds by 3.9 per cent to $170.6 billion, and industry funds by 0.2 per cent to $197.0 billion.
For the year to 30 June 2008, contributions to all superannuation entities totalled $120.4 billion, with employers contributing $69.4 billion and members contributing $49.8 billion.
Other contributions, including spouse contributions and government co-contributions, totalled $1.3 billion.
Excluding small funds, contributions totalled $83.2 billion, of which retail funds received 41.8 per cent ($34.8 billion), industry funds 28.4 per cent ($23.6 billion), public sector funds 25.0 per cent ($20.8 billion) and corporate funds 4.8 per cent ($4.0 billion).
APRA is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.
It currently supervises institutions holding approximately $3.4 trillion in assets for 21 million Australian depositors, policyholders and superannuation fund members.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Looking for a credit or charge card that’s built for your business? Try American Express
Partner Content
A good credit card should work for you, not against you, and let you and your business ...
American Express
Advertisement

Related Stories

‘One-eyed focus on profit’: The Star’s Queensland licence now also under threat

‘One-eyed focus on profit’: The Star’s Queensland licence now also under threat

The Star Entertainment Group (ASX: SGR) has been slapped with ...

ACCC cracks down on greenwashing, fake online reviews

ACCC cracks down on greenwashing, fake online reviews

The nation’s consumer watchdog is cracking down on businesses...

Going green: Investible backs eight climate tech companies through $30 million fund

Going green: Investible backs eight climate tech companies through $30 million fund

A cohort of eight innovative technology companies contributing to d...

Devine abandons Alba to upsize at Burleigh Heads with $400m Burly tower

Devine abandons Alba to upsize at Burleigh Heads with $400m Burly tower

In a sign that the heat has yet to come out of the Gold Coast prope...