Super year for funds

SUPERANNUATION funds overcame a last-minute hurdle to nudge their returns past 10 per cent for the past financial year, adding $140 billion to Australian retirement accounts.

According to the latest analysis from research company SuperRatings, the average balanced-option super fund fell 0.1 per cent last month, but that did little to dent the 10.4 per cent investment return for the year to June 30.

The strong result compares with a profit of just 2.8 per cent the previous financial year.

“The return to double digits will hopefully provide a critical psychological boost to investors,” SuperRatings chairman Jeff Bresnahan said.

HostPlus was the leading balanced-option fund, with a return of 13.2 per cent.

It was followed by AustralianSuper, with 12.4 per cent.