AUSTRALIA - Superannuation assets for Australia have risen to AUS$648.9bn, according to the Australian Prudential Regulation Authority (APRA).
Releasing the results for the September quarter, 2004, APRA said super assets rose 2.8% over the quarter.
APRA said contributions for 2004 ending September totalled AUS$60.9bn, with employers contributing AUS$38.7bn and member contributions totalling AUS$22.2bn.
The results marked an 11.7% increase on the previous year. In addition, benefit payments climbed by 1.4% from the previous year with pension payments rising by 17.2% and lump sum payments decreasing by 3.4%.
“All fund types showed an increase in assets for the September 2004 quarter,” APRA said. “Small funds experienced the highest growth, with an increase of 4.8%. Small fund assets now total AUS$143bn.”
For investment classes, equities and units in trusts showed the largest growth, recording a rise of 5.2% since the June 2004 quarter. These results were followed by assets in cash and deposits, which increased by 3.8% over the quarter, the authority noted.
According to the research, assets placed with investment managers grew by 5.2% over the quarter. Industry fund assets grew by 4.6% to reach a total AUS$75.2bn. Retail funds, which hold the largest share of total superannuation assets at 33.1% of the total, grew by 1.9%.
APRA is the regulator for the financial services industry in Australia.
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