Aussies dump retail super funds

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The Australian Prudential Regulatory Authority (APRA) has released its Quarterly superannuation performance statistics highlights for the September quarter. This report shows that total superannuation assets fell by 1.6% in the year to September:

Superannuation assets totalled $2.9 trillion at the end of the September 2020 quarter. There was a 1.6 per cent reduction in the value of total superannuation assets over the 12 months to 30 September 2020 which was primarily a result of investment losses sustained across the industry during the March quarter…

Total contributions increased 2.9 per cent over the year to 30 September 2020. Whilst annual member contributions of $23.3 billion were 1.8 per cent lower than the previous year, employer contributions were buoyed by Job Keeper payments and increased by 4.1 per cent… Net contribution flows were negative for a second consecutive quarter (-$6.4 billion) and were $10.2 billion for the year…

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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.