AUSTRALIA - Superannuation funds plunged an average 5% over January due to market corrections, according to the agency SuperRatings.
SuperRatings said even the most conservatively invested balanced portfolios lost up to 3.25%, with the worst hit funds falling by 7.5%. Jeff Bresnahan, managing director, SuperRatings, commented: "The...
AUSTRALIA - The wheels were finally set in motion to raise the contribution limit in Australia to 12% from 9% with the introduction of a new bill today.
AUSTRALIA - The A$73.2bn ($78.2bn) Future Fund lost 2.9% in the third quarter, though moves to decrease equity exposures helped stave off more drastic losses.
AUSTRALIA - The median balanced superannuation fund has fallen for the fifth consecutive month returning -1.8%, -4.9% for the September quarter and -3.8% for the past year, SuperRatings finds.
AUSTRALIA - The merger between the A$2.4bn (US$2.5bn) StatewideSuper and the A$1.7bn Local Super will move to the next stage, beginning the due diligence process following approval in principle from the funds' major shareholders.