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Aussie shares responsible for super return fall
Superannuation funds lost ground last month, with the median balanced option declining 0.6 per cent in September.
The median return came in at 1.6 per cent, down from 2.1 per cent in August, according to SuperRatings.
The decline was largely driven by a high weighting to Australian shares, which experienced a tough month, with a fall of 4.3 per cent.
The data shows the median return was lifted slightly by international shares, which rose 2.2 per cent in the month.
The median return for the year is still solid though, at 9.2 per cent, SuperRatings said.
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The Superannuation (Objective) Bill, which was to be finalised this week in the Senate, was sidelined on Tuesday (10 September), raising concerns in the industry that it will again be left languishing until the next election.
The $87 billion fund is encouraging companies to put appropriate plans and targets in place to address risk and create long-term value.
The strong market downturn in the first two weeks of the month has been followed by a swift recovery, according to SuperRatings.
The industry body is pushing for the Senate to pass the legislation this sitting fortnight.
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