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

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Hospitality mogul Glenn Piper to transform Hook Island into "world class hospitality experience"

Hospitality mogul Glenn Piper to transform Hook Island into "world class hospitality experience"

Sydney hotelier Glenn Piper has snatched up his third hospital...

Super fund HESTA "unconvinced", to vote against AGL demerger

Super fund HESTA "unconvinced", to vote against AGL demerger

Superannuation fund HESTA is backing the position of Australian tec...

Board exodus gathers pace at The Star after O’Neill resigns as chairman

Board exodus gathers pace at The Star after O’Neill resigns as chairman

The Star Entertainment Group (ASX: SGR) is now on the hunt for a ne...

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths (ASX: WOW) is looking to enhance its online marketplace ...