Super balances growing despite GFC

The retirement savings of Australians are growing because of contributions and investment earnings, despite the GFC, according to new data from the Australian Bureau of Statistics (ABS).

The average superannuation account balance in 2009-10 was $71,645 for men and $40,475 for women, well up on the $56,400 for men and $23,900 for women in 2003-04. The average superannuation payouts for retirees in 2009-10 were about $198,000 for men and $112,600 for women, up from $136,000 for men and $63,000 for women in 2005-06.

"Given ongoing contributions and investment returns, average retirement payments in June, 2011 are likely to have reached $250,000 for men and $145,000 for women," says Pauline Vamos, the chief executive officer of the Association of Superannuation Funds of Australia.

She says these would fund a modest lifestyle, but Australians need $430,000 for a single and $510,000 for a couple to have a comfortable retirement.

Sharp increase in SMSFs

There is a boom in self-managed superannuation funds, with 456,472 funding 867,863 members at the end of June, according to the tax office. During the year 33,106 SMSFs were set up, compared with 29,609 in the previous year.

There were 487 closures.

Gold exchange

Australia's first physical bullion exchange, the Australian Bullion Exchange (ABX), has been launched, providing an over-the-counter spot market for investment-grade gold, silver and platinum bullion.

"The ABX is an exchange for physical bullion, much like the ASX is an exchange for equities; it connects buyers and sellers of precious metals," says chief executive Thomas Coughlin.

The ABX allows direct bullion ownership for retail and institutional investors through listed brokers or members. The market will be priced on the ABX Australian spot price for gold, silver and platinum bullion in nine currencies.

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