Value of pension assets fall for first time in five years

The latest decline was large enough to exceed the inflow of contributions worth A$120bn during the year

The global credit and financial crisis made its mark on Australia’s pension sector, even by the middle of 2008, according to figures issued by the country’s supervisor APRA. Return on assets at the period ending June 2008 recorded a negative 10.3%, against a 12.4% gain for the previous year. The average return on assets during the period of 1999-2008 was 5.2%. The market last recorded a negative return on equity in 2003, although the decline was more modest at -2.3%.