Funds with less than five members have been the equal strongest growing superannuation sector in the year to June 2000, Assistant Treasurer Senator Rod Kemp announced today.
These small funds recorded growth of 30% in the twelve months to June.
"These figures show that Australians are embracing superannuation and wanting to take an active role in ensuring their retirement incomes" Senator Kemp said.
The latest APRA figures also indicate that Australian superannuation assets grew at a strong 16.9% during the past twelve months.
This takes Australia’s superannuation assets to $477.4 billion at the end of the June quarter.
Member contributions rose by 22.1% over the previous year.
Superannuation funds experienced strong investment returns during the June quarter. Net earnings accounted for 58% of net growth of assets.
"Since March 1996 the assets of superannuation funds have grown from $250 billion to $477.4 billion which demonstrates that superannuation is clearly one of Australia’s great growth sectors" Senator Kemp said.
Details of the report can be found on the APRA web site at www.apra.gov.au
MELBOURNE
16 October, 2000
Media contact: Richard Allsop Assistant Treasurer’s Office (03) 9650 7274