AUSTRALIA - Total superannuation assets now stand at AUS$791.5bn, an increase of 6.7% over the September 2005 quarter, according to the Australian Prudential Regulation Authority (APRA).
APRA’s September 2005 edition of Quarterly Superannuation Performance said this represented a 22.4% increase over the 12 months to September 2005. Industry funds’ showed the strongest growth during the quarter with assets increasing by 8.8% ($9.9bn) to $122.8bn. Retail fund assets grew by 6.4% ($15.9bn) to $263.8bn. Public sector fund assets grew by 5.9% ($7.5bn) to stand at $135.9bn. Corporate fund assets grew by 4.9% ($3.2bn) to $68.6bn during the September quarter.
As at 30 September 2005, retail funds accounted for 33.3% of total superannuation assets, followed by self-managed superannuation funds with 22.7%, public sector funds with 17.2%, industry funds with 15.5% and corporate funds 8.7%. Small APRA funds held 0.5%.
APRA recorded $13.7bn of contributions in the September 2005 quarter. Retail funds led again receiving $6bn, with $3.4bn to public sector funds, $3.3bn to industry funds and $1bn to corporate funds.
During the quarter, 66.9% ($9.1bn) of total contributions came from employers, member contributions accounted for 32.3% ($4.4bn), while spouse contributions and government co-contributions accounted for 0.8% ($116m).
Benefit payments totalled $7.3bn during the quarter.
The return on assets for the quarter was 5.3%. Corporate funds generated a 5.9% return, public sector funds 5.7%, industry funds 5.3% and retail funds 5%.
As at 30 September, 29.4%of superannuation assets was invested in wholesale trusts, 24.2% in life insurance companies, and 21.3% in individually managed mandates.
Of the remainder, 8% was held in pooled superannuation trusts, 5% in other investments including overseas and leased assets, 5.9% was directly invested, and 5.6% was held in unlisted public offer unit trusts. APRA found that less than 1% was held in receivables and deferred tax assets.
The analysis was based on superannuation entities with at least $50m in AuM, which are required to lodge quarterly returns to APRA.
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