The nation’s retirement savings pool grew by almost $100 billion in the September quarter because superannuation funds took money out of low-returning assets such as cash and bonds and piled it into international shares, which are booming.
Assets under management in the super system hit $3.4 trillion in September, up 17.5 per cent over the year, data released on Tuesday by the Australian Prudential Regulation Authority (APRA) shows.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
