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ASFA welcomes APRA super numbers
The Association of Superannuation Funds of Australia (ASFA) has welcomed the Australia Prudential Regulation Authority’s (APRA’s) superannuation return numbers which show the average return for APRA-regulated funds was 6% in the June 2020 quarter, reflecting over $100 billion in investment returns in the quarter.
Dr Martin Fahy, ASFA chief executive, said the data showed that Australia’s retirement savings system has proved resilient even in the face of adversity.
“Ordinary Australians saving as a group in APRA regulated funds get the benefits of scale, diversification of risk, and the best investment minds looking after their savings,” Fahy said.
“As a result, they can access a range of asset classes, support the important recovery in our economy and continue to outperform so called sophisticated investors.
“Hard-working Australians can be confident that they are getting a fair go, participating in the economic recovery and that even with modest balances they can access the same opportunities which historically have been reserved for the wealthy.
“Investing as a group allows savings to be pooled and deployed effectively, both for long-term returns to workers and for the economy.”
ASFA said it believed today’s APRA super return numbers reinforce the importance of preserving the legislated increase in the superannuation guarantee (SG) to 12%
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