Industry and retail funds recorded negative annual returns of -5.5 per cent in 2022 compared to 12.9 per cent the year before, as they felt the bite of the broader economic downturn.

This slowed the $3.4 trillion superannuation system’s overall growth, data from the Australian Prudential Regulation Authority revealed, and its asset pool value grew just 2.5 per cent over the year despite contributions jumping 11.1 per cent in the same period.