Industry super sector surpasses $1trn

Funds under management in the industry super sector have surpassed $1 trillion for the first time on record, despite a rout in global equity markets causing the super system to contract in March for the first time in two years.

Funds under management in the super system fell to $3.44 trillion from $3.47 trillion in March on the back of depressed equity markets. But the industry super sector defied the crunch, with assets under management increasing 13.4 per cent to $1.1 trillion, according to data released by the Australian Prudential Regulation Authority.The increase in assets under management owed tobetween the $130 billion public-sector fund QSuper and the $97 billion industry fund Sunsuper.

The merged mega-fund, Australian Retirement Trust, is Australia’s second-largest super fund and is classified as an industry fund.Assets under management by public sector funds fell by 23 per cent to $488 billion since QSuper no longer exists. Meanwhile, members continue to exit retail funds, with the for-profit sector experiencing a net benefit outflows of $4.6 billion over the past year and softer growth in assets.Accusations of misconduct levelled against the retail sector

Super great concept once you own your own house. Renting in retirement is tough

Bunch of rent seeking alp. Wayne swan spending workers money on political support and fine dining scam alp Labor greed

So 2 more to go.

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