Latest APRA figures indicate that Australian superannuation assets grew at a strong 16.6% during the year to December 1999, Assistant Treasurer Senator Rod Kemp announced today.
This takes Australia’s superannuation assets to $438.7 billion at the end of the December quarter.
Member contributions rose by 24.5% over the previous year.
"It is particularly pleasing to see the continuing strong growth of funds with less than five members. In fact, over the year to December 1999, these funds were the equal strongest growing sector, recording asset growth of 25 per cent.
"The Government’s commitment to choice of fund will provide further impetus to this sector of the superannuation industry, in particular."
"Since March 1996 the assets of superannuation funds have grown from $250 billion to $438 billion which demonstrates that superannuation is clearly one of Australia’s great growth sectors" Senator Kemp said.
" These latest APRA figures confirm that Australians have confidence in superannuation, which is very pleasing."
Details of the report can be found on the APRA web site at www.apra.gov.au
CANBERRA
13 April, 2000
Media contact: Richard Allsop Assistant Treasurer’s Office (02) 6277 7360