Latest APRA figures indicate that Australian Superannuation Assets grew at a strong 11 per cent during the year to March 1999, with a 2.6 per cent growth in the March quarter of this year, Assistant Treasurer Senator Rod Kemp said today.
"This takes Australia’s total superannuation assets to $387.2 billion at the end of the March quarter."
Contributions rose by 10.6 per cent in the March 1999 quarter compared to the March 1998 quarter, or 15.1 per cent in the year to March 1999 compared with the year to March 1998. This represents an increase of $4.9 billion for the year to a total of $37.3 billion.
"I am pleased to see that Australian’s remain keen to invest in superannuation, with the APRA figures showing total Member contributions continue to be very buoyant, increasing by 22 per cent over the previous year to reach $14.9 billion," Senator Kemp said.
Employer contributions also increased rising by 11 per cent to $22.4 billion.
"The Government is delighted that Australians clearly have faith in the superannuation system which is confirmed by the March quarter figures."
CANBERRA
30 June 1999
Contact Officer: Matthew Guy (02) 6277 7360