Total superannuation assets have grown from about $1.9 trillion in 2015 to about $2.9 trillion in 2020 to what it is now at about $3.3 trillion as of the end of the 2021 financial year, according to the Australian Prudential Regulation Authority (APRA) annual superannuation bulletin.
A more detailed analysis showed that the total assets held by industry funds at the end of June, 2021, stood at $917 billion, against $690 billion held in retail funds.
This stood in contrast to six years prior when the total assets held by industry funds was $434 billion while $537 billion made up retail funds.
The APRA’s data showed that 2018 was the first year in which the industry funds began to outweigh retail funds in terms of total assets, changing tides when industry funds hit $631 billion.
At the end of the first half of 2021, total APRA-regulated assets stood at about $2.27 trillion, of which total assets in MySuper products were $901 billion.
Meanwhile, total self-managed super fund assets stood at $822 billion.
The average account balance was $106,162 for entities with more than four members and $59,768 for MySuper products.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.
How stupid have the LNP been over the last twenty years? Too late, you lose.
I'm not sure? Can you expand on that?