(Australia) Australia is the world’s fourth largest mutual fund market with the industry estimated to be worth about A$662 billion at the end of the previous financial year, according to Investment and Financial Services Association (IFSA).The industry body said Australia sat behind the US, France and Luxembourg in terms of total net assets and ahead of Japan, the UK, and Canada.
Australian funds currently account for 3.5 percent of worldwide investment funds assets and increased by 14.9 percent in US dollar terms over the three months to end of June 2003.
IFSA attributed the strong performance of Australia’s market to the Federal Government’s compulsory superannuation scheme.