Analyst tips further drop in superannuation returns
Superannuation analysts are predicting super funds will have fallen 15 per cent for the year, by the end of October.
In the year to September balanced funds were down about 12 per cent.
It is the first time there has been four consecutive quarters of negative returns since the compulsory scheme was introduced in 1992.
Managing Director of SuperRatings, Jeff Bresnahan, says about $1 billion a day is being lost in super.
“Anyone within two or three years of retirement probably had an expectation of a positive return for 07/08,” he said.
“They got a negative return, they’re probably down around about 25 per cent lower than where they anticipated they may be at this point in time.”