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Markets absorb Iran shock but more to play out: ART
Global financial markets have absorbed the shock of escalating tensions in the Middle East with unexpected resilience, according to Australian Retirement Trust (ART) Senior Portfolio Manager Jimmy Louca. He said the reaction to the United States’ conflict with Iran had been more muted than during other market disruptions, particularly United States President Donald Trump’s ‘Liberation Day’ announcement of global tariffs last year. “Given the potential impact on economic outcomes, the Iran conflict has actually been more subdued. That was somewhat surprising,” Louca said in an interview with Azzet. He cited equity market declines of roughly 8–9% in the aftermath of the U.S. attack on Iran on 28 February 2026, compared with about 15% after Liberation Day on 2 April 2025. The contrast was striking, given the Iran conflict carried the risk of severe disruption to global trade and energy supplies, which “definitely made it quite a different drawdown to navigate”.Shocks and opportunitiesThe differences extended beyond the size of market falls, with Louca saying the two events triggered different responses across asset classes and regions, forcing investors to adapt quickly. During Liberation Day, markets focused heavily o
Retirement
Australian super assets fall to $4.4 trillion
The value of Australian superannuation funds fell by 1% in the three months ended 31 March 2026 but rose 7.9% over 12 months, according to data from the Australian Prudential Regulation Authority (APRA). Releasing its Quarterly Superannuation Performance publication for the March 2026 quarter, APRA said sector assets were A$4.44 trillion at 31 March 2026, down from $4.49 trillion at 31 December 2025 but up from $4.11 trillion at 31 March 2025. The regulator said in a statement that APRA-regulated assets rose 8.7% to $3.14 trillion over 12 months, with self-managed superannuation (SMSF) assets rising 7.0% to $1.06 trillion. Among the APRA-regulated funds, industry funds showed the most growth in assets across the year, rising 9.8% to $1.63 trillion, outpacing retail funds (8.8% to $868.2 billion), public sector (6.1% to $604.3 billion) and corporate funds (0.5% to $36.6 billion. But as fund assets fell in the March quarter due to lower returns, retail funds fared the worst with values falling 2.6%, followed by corporate funds (2.4%), industry funds (0.8%) and public sector (0.6%). Total contributions increased by 11.3% to $226.1 billion in the 12 months ended 31 March, of which employer contributions rose 8.4% to $15
Retirement
SUPER NATION: Industry relieved following budget
Super Nation is a fortnightly column that examines, explains and analyses key issues in one of Australia's largest, fastest-growing and most important industries: superannuation. The Federal Budget handed down by Australian Treasurer Jim Chalmers has attracted criticism for its ground-breaking tax reforms, but not from the superannuation industry, which escaped relatively unscathed. What stood out most was the fact it contained no new taxes, tax breaks or major reforms for the A$4.5 trillion (US$3.2 trillion) retirement savings sector. This came at a time when the Labor Government significantly changed the capital gains tax (CGT) treatment of assets, including property and shares, and ended negative gearing of existing investment properties purchased after the Budget date, 12 May 2026. The 50% discount on CGT will be replaced with an inflation-based tax and applied at a minimum effective rate of about 30%. But they did not affect superannuation, which is already tax-concessional to account for the fact that savings are locked up until retirement, with earnings taxed at 15% and capital gains at 10%, which is below the marginal rate of up to 47% for many working Australians. As the Government noted in Budget Paper
Retirement
Super funds return 6.4% so far in FY26 - Chant West
The return on a median growth superannuation fund return so far in the 2026 financial year (FY26) was 6.4% after a rebound in global share markets in April, Chant West said. The research, data and analytics provider said the balance of a median growth fund (61–80% invested in growth assets) rose 2.6% in April, recouping a significant portion of the 3.2% loss in March. Chant West said international markets were also up in May and, with just six weeks remaining in the year to 30 June, the median growth fund return was sitting at 6.4%, compared with 9.2% in all of FY23, 9.1% in FY24, and 10.4% in FY25. Head of Superannuation Investment Research Mano Mohankumar said the April rebound was driven by the tenuous ceasefire in the Middle East and solid corporate earnings in the United States. He said developed market international shares returned 9% in hedged terms, led by the technology and communications services sectors amid ongoing investor enthusiasm for AI (artificial intelligence), while the return in unhedged terms was lower at 4.4% due to the appreciation in the Australian dollar. Emerging markets shares rose 9.3% in unhedged terms, while Australian shares generated a 2.3% gain and Australian and international bonds
Retirement
SUPER NATION: Test tweak splits industry
Super Nation is a fortnightly column that examines, explains and analyses key issues in one of Australia's largest, fastest-growing and most important industries: superannuation. Would you prefer the investment professionals managing your superannuation savings to ‘hug their benchmarks’ or that you are left exposed to the risk of ‘flying blind’? These are some of the concerns raised by industry stakeholders as the Australian Government considers how to strengthen the annual superannuation performance test. As neither sounds particularly positive, it seems like the time to pick your poison as the Government consults on a range of options until 19 June. They are aimed at “removing unnecessary constraints on investment decisions while maintaining a robust and enduring testing framework that upholds high standards for members”, according to the Government. “The consultation will also consider whether the test should be expanded to cover a broader range of products, to improve transparency and strengthen member protections,” Treasurer Jim Chalmers and Assistant Treasurer and Minister for Financial Services Daniel Mulino said in a media release. The test was introduced in 2021 for the low-cost MySuper default products

Retirement
War pause helps super recover losses in April
A ceasefire in the United States-Iran war helped superannuation returns recover in April and almost recoup the losses of the prior month, according to SuperRatings. The superannuation research house estimated the value of a median balanced option in accumulation phase rose by 2.6% in April after falling by 3.2% in March, bringing the financial-year-to-date (FYTD) return to 5.5%. The median growth option gained an estimated 3.1% while the median capital stable option improved 1.3% in April, producing FYTD returns of 6.2% and 3.3% respectively.Credit: SuperRatings“Global markets ended April retracing much of the March losses,” SuperRatings Director Kirby Rappell said in a media release. “The volatility reflects the world in which we are living, with markets hopeful for a sustained solution. “However, the situation remains fluid, and its true impact on global inflation and supply chains is still unfolding.” He said the Reserve Bank of Australia’s decision to lift the official cash interest rate on 5 May by 25 basis points underscored that inflationary pressures persist. Pension returns experienced a similar recovery in April, with the median balanced pension option achieving an estimated return of 2.7%, compared to
Retirement
SUPER NATION: Charting safe passage in choppy waters
Super Nation is a fortnightly column that examines, explains and analyses key issues in one of Australia's largest, fastest-growing and most important industries: superannuation. Superannuation funds speak almost with one voice during sharp market downturns. The essence of their message to fund members nervously watching the value of the retirement savings fall is to stay invested rather than go to cash because markets will eventually rebound. Implicit, if not expressed explicitly, is the importance of understanding that nobody can be certain about picking the bottom of any market. “So I'll finish on my favourite, most important lesson: time in the market beats timing the market,” UniSuper Chief Investment Officer John Pearce said in an investment update for April 2026. Pearce said the recovery in share markets since 23 March showed investors did not expect the surge in oil prices following the U.S. attack on Iran on 28 February to derail growth in corporate profits.Less fearfulHe pointed to the fact that the CBOE Volatility Index (or VIX), measuring market fear, had not spiked as much during the Iran conflict as the Liberation Day sell-off in April 2025, when United States President Donald Trump announced sharp inc
Retirement
Bounce demonstrates virtue of patience -- Chant West
A sharemarket rally in April which lifted superannuation fund returns to 6% this financial year (FY26) was a reminder to stay patient, according to Chant West. The research, data and analytics provider said the average median growth fund (61–80% invested in growth assets) had fallen 3.2% in March due to the United States-Iran conflict and renewed concerns about interest rates amid rising inflation. However share markets had since rallied strongly with the same fund estimated to be up 3.1% so far in April.Credit: Chant West“That almost entirely offsets the March decline and brings the estimated median return over FY26 up to 6%, with about 10 weeks of the financial year remaining,” Chant West said. Head of Superannuation Investment Research Mano Mohankumar said the April rally had been on the back of optimism around a potential de-escalation in Middle East tensions, easing oil prices and solid corporate earnings. “The experience since the start of March is another clear reminder of why it’s important for super fund members to stay patient and maintain a long‑term perspective,” he said. “Members who panicked after seeing their balances fall in March and switched to lower‑risk options or cash not only crystallised paper
Retirement
SUPER NATION: Unfair plan singled out in reform flurry
Super Nation is a fortnightly column that examines, explains and analyses key issues in one of Australia's largest, fastest-growing and most important industries: superannuation. Among the broad raft of reforms to the superannuation system proposed by the Australian Government in a flurry of activity, one stands out as the most controversial. The Government is asking stakeholders if self-managed super funds (SMSFs) should contribute to the nearly out-of-control Compensation Scheme of Last Resort (CSLR). That much is obvious from initial responses to the three different papers on the Treasury website, which were released on the same day ahead of a six‑week consultation period ending on 22 May 2026. Looming large in the background is the collapse of the Shield and First Guardian master funds, which cost more than 11,000 consumers $1 billion-plus in retirement savings and are cited as the catalyst for this regulatory action.Comprehensive packageAssistant Treasurer and Minister for Financial Services Daniel Mulino said the failures had highlighted the need for a comprehensive reform package. “This includes protecting consumers as they are navigating the superannuation system, tackling high‑pressure sales tactics like le