Australian super funds deposit $140 billion into the retirement kitty.
Australian super funds enjoyed the strongest returns in four years, depositing an estimated $140 billion into the retirement savings kitty and, on average, delivering double digit returns.
It is the eighth consecutive year that superannuation funds have delivered positive results.
The average fund returns for last year were 10.4 per cent and over the next four weeks, around $140 billion will have been added to super accounts.
The top performing fund for the year to 30 June 2017 was the $23 billion HOSTPLUS, which returned 13.2 per cent to around one million members.
AustralianSuper came in second delivering around 12.4 per cent to 2.2 million members
Sunsuper for Life and First State came in equal third with a gain of 12.3 per cent and rounding out the top five was Club Plus Super with 12.2 per cent returns.
“At a time when inflation hovers below two per cent per annum, Australian super funds continue to exceed expectations, with accrued earnings of well over 100 per cent since the end of the GFC. Over the past five years alone, funds have averaged 10 per cent earnings every year, more than erasing the pain of the GFC and putting retirees in a significantly improved position than they could ever have hoped for,” said SuperRatings Chairman Jeff Bresnahan.
“At the very least, Australians can have faith in our superannuation system, which has now built up an enviable track record.”
Here are the top-10 performing super funds for the 2016/17 financial year
How did your super fund perform?