MELBOURNE, Australia — Total superannuation assets are expected to top A$1 trillion (US$786 billion) for the first time when the Australian Prudential Regulatory Agency publishes its next figures, based on Dec. 31 data.
The APRA superannuation figures are considered the best-available guide to overall growth in the Australian asset management industry, even though they do not include non-super investments.
Ross Jones, the deputy chair of APRA, told an forum in Melbourne that, with superannuation growth, earnings and fund consolidation, the average fund has grown to be about seven times the size of the average fund in 2001.
The move to consolidation has meant larger and more complex entities. “The industry is increasingly resembling other regulated sectors, such as the banks, so it should expect the same sort of scrutiny,” Mr. Jones said.
This story is provided by Investment & Technology, a monthly publication based in Sydney that is written for professional investors in Australia. All amounts are in Australian dollars, unless otherwise noted.
