Download Media Release

AUSTRALIAN SENATE
SELECT COMMITTEE ON SUPERANNUATION
MEDIA RELEASE
INVEST IN SUPERANNUATION
The Chair of the Senate Select Committee on Superannuation, Senator John Watson (LP,
Tasmania), has called on the media to report more widely the positive returns achieved by
most superannuation funds in 2002/03, rather than focusing on those funds that did not
achieve a positive result.
Senator Watson has cited recent figures released by ASFA that up to 70 per cent of
working Australians can expect a positive return of between 1.5 per cent and 4 per cent in
their 2002/03 superannuation statements.
Senator Watson said: ‘Some recent media reporting has focused on those funds with high
overseas equity exposure which experienced negative returns in the last financial year,
while ignoring the positive results from many small to medium funds and fixed interest
fund, and from many balanced industry, corporate and public sector funds.’
Furthermore, Senator Watson noted that while the performance of superannuation funds
here in Australia over the past two years has been disappointing, Australia has not seen
some of the devastating results experienced in America, Britain and continental Europe,
where funds have experienced exceptionally sharp downturns.
In noting the stronger performance of superannuation funds here in Australia over the past
financial year, Senator Watson highlighted the higher governance standards and risk
management strategies here in Australia, the strength of the Australian regulatory system,
and the responsible role played by many financial advisers.
The continuing strength and resilience of the Australian economy has also been central to
the stronger performance of Australian superannuation funds.
For further details, contact:
For comment:
Senator John Watson, Chair
03 6331 4544 (Launceston,Tas)
For information:
Stephen Frappell, Acting Secretary
02 6277 3533
[email protected]
24 July 2003