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Data from the Australian Prudential Regulation Authority (APRA) show that retail superannuation funds’ outflows totalled $10.9 billion in 2018, compared with just $3.5 billion in 2017. Industry funds benefited from the negative sentiment toward retail funds, with AustralianSuper’s funds under management rising by 17% to $140 billion, lifting its market share to 5.7%. From The AFR:
Commissioner Kenneth Hayne found retail funds to be riddled with problems but identified few failings by industry funds…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.