Wed, 4th Dec 2024

This week in the superannuation sector, Australia achieved a historic milestone as superannuation assets surpassed $4 trillion, growing by 13.4% from last year. Over $2.8 trillion of these assets are regulated by APRA, aligning with global pension fund trends towards alternative and sustainable investments. Self-managed super funds (SMSFs) saw strong growth, currently holding over a trillion dollars in assets, reflecting increased public trust. The sector also saw an uptick in individual contributions by 13.1%, indicative of a vigorous Australian economy. The government reiterated the primary purpose of superannuation as retirement funding, proposing an overhaul to improve the superannuation experience; this includes an educational program by The Australian Securities and Investments Commission to empower retirees.