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Not-for-profit superannuation funds surge into top spot after banking inquiry

Industry funds receive 13.8% increase, while retail sector run by big banks and finance companies grow by just 0.51%

Not-for-profit superannuation funds have moved into a clear position of dominance in Australia’s $2.87tn retirement savings industry following the banking royal commission, new figures show.

Statistics released by the prudential regulator on Wednesday show the amount of money looked after by industry funds, which are jointly run by employers and unions, surged by $87.3bn, or 13.8%, in the year to the end of June.

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from World news | The Guardian https://ift.tt/34676sS
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