Market hits super

THE typical Australian superannuation fund has been stripped of all of its gains for the calender year so far in the market rout this week.

Research by industry experts indicates that on average, people with balanced funds will be nursing paper losses of $240 for every $10,000 in their super accounts as a result of the two-day selling spree in the share market. Analysts at Chant West said that for February so far, the typical fund was down about 2 per cent. The average Australian super fund had about 55 per cent of its cash invested in shares.