Super 'to double' within 10 years

SUPER funds have taken a direct hit from the global financial crisis, but should at least double in value in another 10 years.

Nest egg

Super 'to double' within 10 years

AUSTRALIANS' superannuation funds have taken a direct hit from the global financial crisis, but should at least double in value in another 10 years.

Minister for Superannuation Nick Sherry says there's no hiding from the fact super funds had gone into retreat.

"Super must now be vying against real estate for the title of the great barbecue stopper of the moment," he said.

But he quoted perhaps the world's most successful investor, Warren Buffett: "Productivity will increase and stocks with it."

Senator Sherry said he could say "unequivocally"' that Australia's superannuation system remained robust and well regulated.

Australians typically spent 35 to 40 years in the workforce and during that period would experience several investment cycles.

The past 35 years had produced excellent returns of close to 5 per cent over and above inflation, and Senator Sherry believed they would continue.