Superannuation payments fell sharply in the September quarter, reversing the recovery experienced in the 12 months to the June quarter this year.
Data from the Financial Services Council (FSC) showed total superannuation contributions were $19.5 billion in the September quarter, down $6.3 billion or 32.5 per cent from June.
"Although a decline in contributions is expected every September quarter, reflecting large contributions in June before the end of the tax year, the decline in September 2012 is larger than the usual seasonal pattern," the report said.
"The decline in contributions in September is the first year-on-year decline in total contributions since June 2012, and a dramatic reversal from the strong June quarter result."
FSC said the decline was greatest in discretionary contributions, which reflected a lack of confidence in the economy.
However, the decline in employee payments could be attributed to a slower employment growth rate over the last six months, and a 0.2 per cent decline in wages in the September quarter.
Superannuation payments had a strong seasonal pattern and FSC's seasonally adjusted terms place contributions down by $900 million or 4.4 per cent in September, meaning they were lower than typically expected.
Contributions were also down by 4.9 per cent or $1 billion compared with the same quarter in 2011.
