Data released by the Australian Bureau of Statistics (ABS) indicate managed funds in Australia reached $2 trillion at the end of 2012.
Commenting on the findings, Financial Services Council (FSC) chief executive John Brogden described the statistic as a “significant milestone” for the country’s funds management industry, as well as the broader finance sector.
“Australia’s financial services industry will continue to go from strength to strength,” Mr Brogden said in a statement.
“We have a world class superannuation system which will continue to grow and support Australians in their retirement and fund managers have grown Australia’s pool of funds by a massive 665 per cent from $265 billion, 20 years ago, to today’s figure of $2 trillion.”
Mr Brogden also took the opportunity to reiterate the FSC’s call for governments to refrain from intervention in the superannuation system.
“Despite the $2 trillion amount, Australians still have a retirement savings gap of $1.06 trillion when you take into account those people who will live beyond average life expectancy,” he said.
“Constant tinkering with superannuation is a cost to the system and, ultimately, to tax payers.”
