Super assets fall by $25b
Written on the 12 May 2009
ANNUAL superannuation figures released by regulative body the Australian Prudential Regulation Authoority (APRA) show that total super assets have fallen by $25.1 billion, or 2.1 per cent, to $1.17 trillion.
Small funds, which have fewer than five members, were the only funds to experience an increase in assets over the year to June 30, 2008, with 6.7 per cent growth to $361.3 billion.
Corporate funds’ assets fell by 10.1 per cent to $62.1 billion, retail funds’ assets by 7.2 per cent to $343.3 billion, public sector funds by 3.9 per cent to $170.6 billion, and industry funds by 0.2 per cent to $197.0 billion.
For the year to 30 June 2008, contributions to all superannuation entities totalled $120.4 billion, with employers contributing $69.4 billion and members contributing $49.8 billion.
Other contributions, including spouse contributions and government co-contributions, totalled $1.3 billion.
Excluding small funds, contributions totalled $83.2 billion, of which retail funds received 41.8 per cent ($34.8 billion), industry funds 28.4 per cent ($23.6 billion), public sector funds 25.0 per cent ($20.8 billion) and corporate funds 4.8 per cent ($4.0 billion).
APRA is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.
It currently supervises institutions holding approximately $3.4 trillion in assets for 21 million Australian depositors, policyholders and superannuation fund members.