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5655.0 - Managed Funds, Australia, Mar 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 19/06/2006   
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The ABS has reissued several spreadsheets for the March Quarter 2006 edition of Managed Funds, Australia (cat. no. 5655.0) due to the incorrect annotation of a small number of cells. These cells were initially released with values of nil or rounded to zero, but have now been released as not available for publication (np). In addition, data for 'Unlisted mortgage trusts; Assets ; Shares and other equity not listed on ASX, issued by Financial Intermediaries nec' in Table 15 for September Quarter 2005 was previously suppressed and has now been populated with a value of $917 million.




MARCH KEY FIGURES

Mar Qtr 2005
Dec Qtr 2005
Mar Qtr 2006
Consolidated Assets
$m
$m
$m

Superannuation funds
425 140
497 793
536 978
Life insurance offices(a)
183 332
194 664
201 887
Other managed funds
220 694
260 959
271 352
Total
829 166
953 416
1 010 217

(a) Investments by superannuation funds which are held and administered by life insurance offices are included under life insurance offices.
See note on consolidation in Explanatory Notes, para 10

Total consolidated assets
Graph:  Managed Funds: Total consolidated assets



MARCH KEY POINTS


CONSOLIDATED ASSETS
  • Total consolidated assets of managed funds institutions was $1010.2b at 31 March 2006, an increase of $56.8b (6.0%) on the revised December quarter 2005 figure of $953.4b. The increase was mainly driven by new investments, and changes in asset values during the quarter. During the March quarter 2006, the S&P/ASX 200 rose 7.7%, the price of foreign shares (represented by the US S&P 500) rose 3.7% and the $A depreciated against the $US by 2.4%. Domestic bond prices rose marginally during the quarter with the 5 year Treasury Bond yield decreasing from 5.32% to 5.31%.
  • Consolidated assets of superannuation funds increased by $39.2b (7.9%) on the revised December quarter 2005 figure, public unit trusts increased $11.5b (5.5%) on the revised December quarter 2005 figure, and life insurance offices increased by $7.2b (3.7%). Partially offsetting these was a decrease in the consolidated assets of cash management trusts of $1.2b (-3.2%).
  • Investment in equities and units in trusts increased by $21.2b (5.7%), assets overseas, up $18.7b (9.4%), short-term securities, up $6.8b (8.4%), land and buildings, up $3.2b (2.9%), long term securities $2.4b (3.1%), loans and placements $2.3b (12.0%), cash and deposits, up $1.8b (2.8%) and other assets $0.3b (1.0%).
  • Investment managers had $969.8b in funds under management at 31 March 2006, up $48.0b (5.2%) on the revised December quarter 2005 figure of $921.8b. They managed $688.3b (68.1%) of the consolidated assets of managed funds institutions.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
June 2006 25 August 2006
September 2006 24 November 2006



REVISIONS THIS ISSUE

There have been revisions in some series as a result of quality assurance work undertaken with data providers.



SIGNIFICANT EVENTS

The compilation methodology for Managed Funds is subject to ongoing review. The outcome in this edition is that, from March 2005 onwards, some cells in tables are now not available for publication. It is anticipated that there will be further impacts in forthcoming publications.


Some reclassification of funds invested in listed, unlisted, wholesale trusts and funds sourced by investment managers is expected in the June and September quarter 2006 publications, as a number of respondents are reviewing their classification of asset holdings. These reclassifications will cause revisions to previously published series.



ROUNDING

Discrepancies may occur between sums of the component items and totals due to rounding.



INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Sawbhag Naidu on Canberra (02) 6252 5386.



ANALYSIS


CONSOLIDATED ASSETS

By type of institution

At 31 March 2006, consolidated assets of superannuation funds were $537.0b, up $39.2b (7.9%) on the revised December 2005 figure. Consolidated assets of public unit trusts increased by $11.5b (5.5%) and life insurance offices by $7.2b (3.7%). Assets of common funds and friendly societies have moved marginally on the revised December quarter figures. Partially offsetting these was a decrease in cash management trusts of $1.2b (-3.2%).

Graph: Consolidated Assets - By type of institution


By type of asset

The type of assets being invested in since 31 December 2005 were equities and units in trusts, up $21.2b (5.7%) on the December quarter 2005 figure, assets overseas, up $18.7b (9.4%), short-term securities, up $6.8b (8.4%), land and buildings, up $3.2b (2.9%), long term securities $2.4b (3.1%), loans and placements $2.3b (12.0%), cash and deposits, up $1.8b (2.8%) and other assets, up $0.3b (1.0%).


Cross investment

The table below presents the unconsolidated, cross-invested and consolidated assets of managed funds by type of fund as at 31 March 2006.

Unconsolidated assets
Cross- invested assets
Consolidated assets
Type of fund
$m
$m
$m

Life insurance offices
238 856
36 970
201 887
Superannuation funds
705 703
168 725
536 978
Public unit trusts
254 116
34 187
219 929
Friendly societies
6 705
2 157
4 548
Common funds
10 410
397
10 013
Cash management trusts
36 862
-
36 862
Total
1 252 652
242 436
1 010 217

- nil or rounded to zero (including null cells)



UNCONSOLIDATED ASSETS

Life insurance offices

At 31 March 2006, the total assets of life insurance offices were $238.9b, an increase of $8.7b (3.8%) on the revised December 2005 figure of $230.2b. Major increases were recorded in equities and units in trusts of $6.2b (3.9%), short term securities of $1.2b (10.3%), and assets overseas of $0.9b (6.0%). The major decrease was in other financial assets of $0.3b (-8.9%).

Graph: Managed Funds - Unconsolidated Assets: Life insurance offices


Superannuation funds

The total assets of superannuation funds held outside of life offices was $705.7b at 31 March 2006, an increase of $47.2b (7.2%) on the revised December 2005 quarter figure. Major increases were recorded for equities and units in trusts of $21.9b (6.6%), assets overseas of $13.0b (9.3%), long term securities of $3.9b (7.9%), short term securities of $3.2b (10.2%), cash and deposits of $2.3b (4.1%), and land and buildings of $2.1b (6.2%).

Graph: Managed Funds - Unconsolidated Assets: Superannuation funds


Public unit trusts

The total assets of public unit trusts was $254.1b at 31 March 2006, up $13.0b (5.4%) on the revised December 2005 figure. The major increases were in equities and units in trusts, up $5.1b (5.7%), assets overseas, up $4.9b (11.0%) and loans and placements, up $2.4b (51.0%). Other financial assets decreased by $0.6b (-10.3%) and cash and deposits decreased by $0.2b (-1.8%).

Graph: Managed Funds - Unconsolidated Assets: Public unit trusts


Friendly societies

Total assets of friendly societies was $6.7b at 31 March 2006, up $0.2b (3.0%) from the revised December 2005 figure. The major increases were in other financial assets, up $0.1b (32.0%), equities and units in trusts, up $0.1b (4.4%). Long term securities decreased by $0.1b (-12.5%).

Graph: Managed Funds - Unconsolidated Assets: Friendly societies


Common funds

Total assets of common funds was $10.4b at 31 March 2006, a marginal increase on the December 2005 figure. Short term securities increased by $0.3b (7.7%), while cash and deposits decreased by $0.4b (-15.7%).

Graph: Managed Funds - Unconsolidated Assets: Common funds


Cash management trusts

Total assets of cash management trusts was $36.9b at 31 March 2006, down $1.2b (-3.2%) on the revised December 2005 figure. Major decreases were in other long term securities of $1.7b (-41.8%) and cash and deposits of $1.2b (-24.6%). This was partially offset by an increase in short term securities of $1.8b (6.7%).

Graph: Managed Funds - Unconsolidated Assets: Cash management trusts



INVESTMENT MANAGERS

Source of funds under management

The total funds under management by investment managers has increased by $48.0b (5.2%) at 31 March 2006, from a revised December quarter 2005 figure of $921.8b.


The value of funds under management on behalf of superannuation funds increased by $23.9b (6.5%), life insurance offices increased $4.7b (3.4%), public unit trusts increased $5.8b (5.4%).


During the quarter, the value of funds under management on behalf of sources other than managed funds increased $10.3b (4.5%) from a revised December quarter 2005 figure of $230.2b. Of this, the largest increases were funds under management on behalf of other trusts, up $7.3b (6.0%) and government, up $2.4b (11.6%). These were partially offset by a decrease in funds under management on behalf of other sources, down $0.5b (-1.5%).


The value of funds under management on behalf of overseas sources increased to $41.0b up $2.9b (7.5%) on the revised December 2005 quarter.


The value of managed funds assets invested through investment managers was $688.3b at 31 March 2006, representing 68.1% of the consolidated assets of managed funds.

Graph: Managed Funds - Investment Managers - Sources of Funds, June 1988 to Current.

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