The value of most Australians’ superannuation nest-eggs went backwards in the 2007-08 financial year, new figures by independent research firm SuperRatings reveals.
The value of most Australians’ superannuation nest-eggs went backwards in the 2007-08 financial year, new figures by independent research firm SuperRatings reveals.
The average balanced superannuation fund – accounting for 72% of the super assets held by Australians – lost 6.4% over the last financial year.
The news gets even worse for those workers who opted for higher-growth superannuation options, with “growth” and “high growth” super funds losing an average 9.7% and 11.8% respectively last financial year.
SuperRatings managing director Jeff Bresnahan says these results – compiled from a combination of received results and estimates for June – are the worst since compulsory super was introduced in 1992.
And, Bresnahan says, those hoping for a rapid turnaround in the year ahead could be disappointed.
“The last negative return experienced by super fund balanced options (-3.1%) was in 2001-02, exactly six years ago. Interestingly, this was followed by a return of just 0.1% the following year, so 2008/09 could be interesting,” he says.
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