The Australian Prudential Regulation Authority (APRA) found the annual industry-wide rate of return (ROR) for entities with more than four members for the March 2020 quarter was -10.3% and -3.3% for the year. 

This is the lowest quarterly ROR recorded by APRA since data collection began 15 years ago. 

Superannuation assets totalled $2.7 trillion at the end of the March 2020 quarter and over the 12 months from March 2019 there was a 0.3% reduction in total superannuation assets.

Over the same period, there was a decrease of 0.4% in total assets in MySuper products, totalling $710 billion in assets. 

APRA said the reduction in the value of super assets during the quarter was due to a "significant downturn in global financial markets as a result of COVID-19". 

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account($0-$100k)

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    ANZ Save

                      050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Young Saver Account

                        0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Save up

                          02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bonus Saver (<$1 Million)

                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money

                            Saver Account (<$250k)

                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Smart Saver Account (Under 25)

                              Important Information and Comparison Rate Warning

                              All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 14, 2024. View disclaimer.

                              At the end of the March quarter, cash allocation had increased from 9.5% to 13.6%, due to equity market downturn, member switching, and funds freeing up liquidity ahead of the Early Release Scheme

                              As part of its response to COVID-19, the Morrison Government has allowed people experiencing financial hardship to withdraw $10,000 from their super accounts this financial year and another $10,000 between July 1 and September 24. 

                              APRA found $10.6 billion in payments had been made through the scheme, with an average payment of $7,510. 

                              Almost 1.6 million applications have been received, with just over 1.4 million paid out. 

                              Young people accessing their super in droves 

                              Of the 1.4 million Australians who have successfully accessed their super early, around a third ($30 billion worth) were under the age of 30, according to the Australian Taxation Office (ATO).

                              Approximately 268,000 people aged between 26 and 30 applied for early access, the biggest single group. 

                              Around 247,700 were between 31 and 35, while 21 to 25 year olds accounted for 172,000.

                              Age of applicants accessing super early 

                              Age range

                              No. of applications approved

                              Value of application approved for release ($m)

                              30 or younger

                              455,000

                              2,995

                              31-40

                              440,500

                              3,855

                              41-50

                              282,400

                              2,630

                              51-60

                              159,000

                              1,495

                              61-70

                              16,700

                              145

                              71 and older

                              200

                              0

                              Total

                              1,354,200

                              11,120

                              Source: ATO

                              Shadow Treasurer Jim Chalmers told reporters in Brisbane on Monday that the people who were withdrawing super were doing so because they had no other source of income.

                              "A lot of people have been excluded from the JobKeeper payments and have been forced to withdraw their super," Mr Chalmers said. 

                              "That will have devastating consequences for the type of income that they can rely on in retirement."

                              Mr Chalmers added young people were bearing the brunt of the economic fallout from COVID-19. 

                              "The government is in many ways robbing them of a decent retirement," he said. 

                              Disclaimers

                              Savings.com.au does not provide tax advice. This material has been prepared by Savings.com.au and is for informational purposes only, and is not intended to provide, and should not be relied on for tax advice.

                              For tax advice relevant to you, visit the ATO or consult an independent tax advisor.