The Association of Superannuation Funds of Australia (ASFA) welcomed today’s APRA super return numbers which confirm why Australia’s superannuation system is the envy of the world.
Following the release of the quarterly APRA superannuation statistics, ASFA CEO, Dr Martin Fahy said: “What this data shows is that once again Australia’s retirement savings system has proved resilient even in the face of adversity.”
The average return for APRA regulated funds was 6.0 per cent in the June 2020 quarter, reflecting over $100 billion in investment returns in the quarter.
“Ordinary Australians saving as a group in APRA regulated funds get the benefits of scale, diversification of risk, and the best investment minds looking after their savings.
“As a result, they can access a range of asset classes, support the important recovery in our economy and continue to outperform so called sophisticated investors.
“Hard-working Australians can be confident that they are getting a fair go, participating in the economic recovery and that even with modest balances they can access the same opportunities which historically have been reserved for the wealthy.
“Investing as a group allows savings to be pooled and deployed effectively, both for long-term returns to workers and for the economy.”
ASFA believes today’s APRA super return numbers reinforce the importance of preserving the legislated increase in the Superannuation Guarantee to 12 per cent.
For further information, please contact:
Jacqui Maddock, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.