FED:Don't make snap super decisions: Shorten

AAP General News (Australia)
08-14-2011
FED:Don't make snap super decisions: Shorten

CANBERRA, Aug 14 AAP - Australians again have been told not to make any snap decisions
about their superannuation accounts despite balances taking a hit from sharemarket volatility.

Gains of the past year or so have been wiped out as local and global stock markets
tumble amidst concerns about sovereign debt and slowing growth in Europe and the United
States.

Superannuation Minister Bill Shorten says now is not the time to run away from super.

"As an actual investment product super's done reasonably well over the last 20 years,"

he told ABC Television on Sunday, citing gains of about nine per cent during the past
two years.

"Certainly it's being a wild ride this week, but we still finished ahead."

Now was not the time to make "snap decisions", Mr Shorten said, adding the equities
market generally had performed well in Australia.

Most balanced super accounts hold between 40-50 per cent in shares, higher than the
global average.

AAP rl/jfm

KEYWORD: SUPERANNUATION

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