Australia's superannuation assets continued to grow by a strong 17.6 per cent during the year to March 2000, Assistant Treasurer Senator Rod Kemp announced today.
This takes the overall value of superannuation assets to $454.7 billion at the end of the March quarter. Superannuation funds experienced high investment returns during the March quarter comprising 77 per cent of asset growth.
Member contributions also continued their strong growth, increasing by 27.5 per cent over the previous year to $19 billion.
"The continual rise in voluntary contributions is very pleasing " Senator Kemp commented
Funds with less than five members continue to be the fastest growing sector recording asset growth of 29 per cent.
"Confidence in the superannuation system is once again reflected in these latest APRA figures, which is particularly pleasing."
Details of the report can be found on the APRA web site at www.apra.gov.au
CANBERRA
16 August, 2000
Media contact: Richard Allsop Assistant Treasurer’s Office (02) 6277 7360