The latest Australian Prudential Regulation Authority (APRA) superannuation statistics have shown the take up of the government's co-contribution scheme and spouse contributions have dropped significantly over the year ended June 2011.
Figures released by the industry regulator show spouse contributions and co-contributions came in at $865 million for the June 2011 financial year compared to $1.3 billion for the previous equivalent 12 month period.
"Given that the Co-contribution scheme, in particular, is one of the best deals around in superannuation, this is a great scheme that seems to be going to waste," Australian Institute of Superannuation Trustees (AIST) chief executive Fiona Reynolds said in response to the data.
"There aren't many investments where the government matches your contribution dollar for dollar," she added.
AIST felt better promotion of the scheme was called for in light of this development.
On a more positive note the total estimated superannuation assets at 30 June 2011 was $1.34 trillion. This reflected a $131.5 billion or 10.9 per cent increase on the previous year's asset level.
However, the industry did not experience an increase in total asset levels for the June 2011 quarter.
In regard to individual segments of the industry, public sector funds were the only to see an increase in assets during this period with this category witnessing a 5.7 per cent or $11 billion rise in assets to $202.9 billion.
Fund returns were negative for the quarter with the combined rate of return generated being -0.9 per cent.
Public sector funds were the best performers delivering -0.2 per cent for the quarter with industry funds producing a -0.6 per cent return for the period, and corporate funds and retail funds providing returns of -0.7 per cent and -1.5 per cent respectively.
