DIY super growth alters sector balance
New figures on the superannuation industry show that the do-it-yourself sector is growing strongly. Over the past nine years, the number of do-it-yourself small funds has more than doubled to nearly 267,000 from about 100,000. Experts say the growth has accelerated in recent years as global equity markets slowed and people realised the tax benefits of the self-managed super fund structure. A survey over the September quarter 2003 found that the number of small funds with five or fewer members has grown over the past five years to $118 billion in assets. This compares with a doubling of public sector funds to $111 billion and a trebling of retail funds to $186 billion over the same period.