POWERED BY MOMENTUM MEDIA
Superannuation assets fall 0.5%
Superannuation assets fell 0.5% in value over the 12 months to the end of June, according to the latest quarterly figures from the Australian Prudential Regulation Authority (APRA).
Following a quarterly decline of 4.4%, total superannuation assets stood at $3,312.5 billion at the end of June, down from $3,327.9 billion at the end of the same month in 2021.
According to APRA, the decline reflected the volatility in financial markets following global interest rate increases in response to high levels of inflation, constrained global supply chains and the ongoing uncertainty due to conflict in Ukraine.
Total assets in MySuper products stood at $884.5 billion at the end of June, which represented a quarterly fall of 4.7% and an annual decline of 1.9%. Total APRA-regulated assets fell 1.1% over the 12 months to $2,241 billion.
Contributions, however, saw an increase of 15.2% from the previous year, totalling $146.5 billion. APRA said this was owing to rises in both employer and member contributions “likely reflecting unemployment rates having dropped to record lows over the year”.
Employer contributions rose 10.2% over the year to total $108.6 billion, which APRA said was further supported by the increase in the Superannuation Guarantee contribution rate to 10% per year, effective from 1 July, 2021.
“Personal member contributions increased by a significant 32.7% over the year to $35.3 billion, also buoyed by the accumulation of household savings during the onset of Covid-19,” said APRA.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
