Superannuation fund returns finished the 2016 calendar solidly in the black, according to data provided by SuperRatings.
The ratings house said that despite the significant drawdowns experienced in early 2016, as well as a series of smaller volatility spikes throughout the year, super fund returns had generally proved capable of riding out the storm with the median balanced option returning an estimated 7.2 per cent over the 12 months to 31 December 2016.
It said this was just slightly below the 7.7 per cent a year average seen over the last seven years.
The SuperRatings analysis said that despite the volatility experienced throughout 2015 and 2016, annual returns appeared to have stabilised since 2011, with the rolling five-year return hitting 9.5 per cent and funds generating the fifth consecutive year of positive returns.
It said longer-term returns had also continued to sit close to funds' inflation targets, with the seven-year return sitting at an estimated seven per cent a year, while the 10-year return was sitting at 5.2 per cent a year.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.