AustralianSuper, the Melbourne-based industry fund, said the retirement assets it oversees for 2.3 million Australian workers have exceeded A$200 billion ($147.6 billion) for the first time.
A spokesman for the fund said AustralianSuper's assets stood at A$181.7 billion as of the June 30 close of the fund's latest fiscal year, pointing to a more than 10% gain for its portfolio with three weeks remaining in the calendar year.
It also reported a record 400,000 new participants joining the super fund over the latest fiscal year.
Strong long-term returns and low costs have been AustralianSuper's formula for success, CEO Ian Silk said Thursday in a news release, adding that having more assets than competitors has helped the fund on both counts.
The A$200 billion milestone "reflects AustralianSuper's ability to use size and scale to provide strong long-term financial returns while also driving down costs for members."
Investment management fees have been reduced by 30% over the past 10 years, helped by the fund's program to bring more and more investment management in-house — which shaved A$200 million in costs for the past year alone, Mr. Silk added.