Latest APRA figures show that superannuation assets and contributions are continuing to grow, with superannuation contributions for the December quarter 13.5% higher than the December 1997 quarter, Assistant Treasurer Rod Kemp, said today.
Contributions for the year ended December 1998 were 18.8% higher than the year ended December 1997, increasing from $31.2 billion to $37.1 billion. The strongest growth came from the mainly voluntary member contributions which increased by 24% over the previous year to $14.4 billion.
In the same period, employer contributions increased by 16.0% to $22.7 billion which in part reflected the increase in Superannuation Guarantee contributions from 6% to 7% from July 1998.
Superannuation assets also continued to grow, with the overall value of superannuation assets increasing by 11.6% during the 1998 calendar year to reach $377.4 billion.
"The good performance of self-managed funds is also encouraging with assets growing by 24% during the year," said Senator Kemp.
"These figures confirm that Australians have confidence in the superannuation system and are continuing to find superannuation highly attractive."
CANBERRA
6 April 1999
| Contact: |
Matthew Guy Assistant Treasurer’s Office (03) 9650 7274 |