Covid has been a turbulent time for investments of all kinds, but superannuation funds have performed well. They weathered the storm and bounced back strongly. And that can be seen in the recent passing of the $3 Trillion dollar milestone.
The Australian Superannuation industry now holds over $3 trillion dollars in super funds. That’s a phenomenal amount of money for the retirement of Australian’s. It represents a strong and positive future for both Australians (in their retirement) and for the Australian economy. A large portion of superannuation funds are invested in the local stock market, ASX. This investment provides funding for companies that operate in Australia.
The growth in superannuation hasn’t just been due to the rising stock market (the covid bounce). Australian’s have been contributing more to their superannuation than in previous years. There has been an 11.6% increase in superannuation contributions compared to the previous year. This has increased the total superannuation funds by $134.1 billion dollars.
The superannuation industry as whole grew 17.5% during the year. The superannation industry now equates to $3.4 trillion dollars in assets.
A big superannuation industry is great for the Australian economy, and great for Australian enjoying (or soon to be) retirement.