Banks trail in super returns in Australia
Banks find themselves no better than bronze medallists in the race for a superior investment reputation for managing superannuation savings.A cocky summary from Industry Super Australia on Friday wrapped up three central sources of intel on the sector released last week.SuperRatings' data "shows that on median net returns, the largest balanced industry fund options outperformed equivalent options in the retail sector 6.47 per cent to 4.89 per cent (a difference of 1.58 percentage points) over ten years to 31 October 2015," Industry Super said.APRA data "shows that on net returns, the industry super fund sector outperformed the retail sector 6.77 per cent to 4.83 per cent (a difference of 1.84 percentage points) over the 11 years to 30 September 2015."Meanwhile, "Chant West data release shows that on net investment returns, industry super funds outperformed retail funds 6.9 per cent to 5.5 per cent (a difference of 1.4 percentage points) over 15 years to 30 September 2015."In this sector, retail funds means banks.