Super savers are probably in for another lacklustre financial year, with the median-performing “balanced” investment option returning 0.6 per cent since the start of the financial year to March 31.
Super savers are probably in for another lacklustre financial year, with the median-performing “balanced” investment option returning 0.6 per cent since the start of the financial year to March 31, largely due to struggling share markets in the face of rising interest rates.
The only time it has happened since the introduction of compulsory super in the early 1990s was between 2007 and 2009, during the global financial crisis. The RBA says in its minutes that the cash rate could be set higher at future meetings and that the purpose of pausing in April was to allow time to gather more information.
An increase in rates at the May or June meeting would probably see super funds finish the financial year in the red as local share markets are likely to react poorly to continued rate hikes.
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