Super savings reach record $1.23 trillion

Australia's total superannuation savings pool rose to a record $1.23 trillion in the 2009-10 financial year, new figures show.

According to data from the Australian Prudential Regulation Authority (APRA), total superannuation assets increased by $150.0 billion, or 13.9 per cent, during the financial year to June 30th 2010.

It was shown that small funds, which include self-managed super funds (SMSFs), single-member approved deposit funds and small APRA funds, had done well, increasing by 16.9 per cent to $392.9 billion while public sector funds rose by 13.8 per cent to $172.9 billion.

Industry funds showed the largest growth during the financial year, with assets increasing by 17.9 per cent to $226.2 billion.

Consumers seeking to grow their long-term incomes could also opt to compare savings accounts in search of the best returns. Speaking to the Herald Sun, Industry Super Network chief executive David Whiteley claimed that the growth of assets under industry fund management showed that workers were "placing greater trust" in industry funds.

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