Latest APRA figures indicate that Australian superannuation assets grew at a strong 15.1% during the year to September 1999, Assistant Treasurer Senator Rod Kemp announced today.
This takes Australia’s superannuation assets to $415.1 billion at the end of the September quarter.
Abstracting from $8.4 billion of one-off contributions by public sector employers in June 1999, total net contributions for the year to September 1999 were around 15.7% higher than for the 12 months to September 1998. Adjusted employer contributions rose by around 11.5 per cent over the corresponding period
"Since March 1996 the assets of superannuation funds have grown from $250 billion to $415 billion which demonstrates that superannuation is clearly one of Australia’s great growth sectors" Senator Kemp said.
"It is particularly pleasing to see that member contributions rose by 22% over the previous year" Senator Kemp commented.
"I also welcome the continuing strong growth of excluded or self-managed superannuation funds. In fact, over the year to September 1999, excluded funds were the strongest growing sector, recording asset growth of 24 per cent. The Government’s commitment to choice of fund will provide further impetus to this sector of the superannuation industry."
" These latest APRA figures demonstrate 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
MELBOURNE
23 December, 1999
Media contact: Richard Allsop Assistant Treasurer’s Office (03) 9650 7274