SOUTHERN STATE SUPERANNUATION SCHEME

In reply to Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (25 June 2009).

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I have been provided with the following information:

The fees charged to a Triple S superannuation account include administration fees and investment management fees. Investment management fees are deducted by Funds SA prior to investment returns being declared, that is, member investment earnings are net of investment management fees. Administration fees are charged by Super SA and are currently $52 per year.

Total fees (administration and investment management fees) on an account balance of $40,000, which is the average Triple S account balance, are $248 per annum. This compares very favourably with most other Superannuation Funds in Australia.