The Assistant Treasurer, Senator Rod Kemp, has today welcomed the latest APRA figures which show superannuation assets and contributions continued to grow very strongly over the year 1998-99.
The overall value of superannuation assets increased by 14 per cent during 1998-99 to reach a record $408.6 billion.
Contributions for the year ended June 1999 were 39.5 per cent higher than the year ended June 1998, increasing from $33.9 billion to $47.3 billion.
Member contributions continued their strong growth, increasing by 24 per cent over the previous year to $16.1 billion.
"This is a fantastic figure, and shows that Australians are demonstrating continued confidence in the superannuation industry."
"I am particularly pleased by the strong rise in voluntary contributions," Senator Kemp said.
Self managed (DIY) superannuation funds also continue to be one of the fastest growing sectors, with the number of funds rising 13 per cent during 1998-99 to 192,000, with DIY assets increasing by 23 per cent.
CANBERRA
30 September 1999
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