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

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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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