Australia’s superannuation funds have seen almost $1 billion a day
wiped off retirement savings in the past four months as stock markets

Super funds are facing their worse performance in more
than 20 years, new analysis shows, with total losses of more than $160
billion since the credit crisis hit last year.

And it could get
worse, with another $160 billion-plus worth of unlisted investments
held by funds expected to be revalued next month to reflect the
economic crunch.

The analysis was conducted by financial services research group Rainmaker, commissioned by News Ltd.

shows the total value of Australia’s superannuation pool has fallen $98
billion between June 30 and yesterday, to $1.02 trillion.

This takes the super assets back to December 2006 levels, wiping out almost two years of gains.

Super assets peaked at the end of September last year at $1.180 trillion, taking losses since then of $160 billion.

of Superannuation Funds of Australia chief executive Pauline Vamos says
it will take super funds years to claw back the losses.

“If people panic and get out they will lose their money forever,” she said.

“It will take a couple of years but it will go back up.”