The return of median superannuation growth funds (invested 61 to 80 per cent in growth assets) fell 1.5 per cent in October, according to fund research group Chant West.
This is attributed to a decline in both share and bond markets during the period, amid ongoing concern that interest rates in the US may remain higher for longer.
The median return of all-growth funds (invested 96 to 100 per cent in growth assets) fell 2.4 per cent over the month, while the median high-growth fund (invested 81 to 95 per cent in growth assets) return dipped 1.8 per cent.
The median growth fund return for the 2023 calendar year is now estimated to be 6.5 per cent. Since the introduction of compulsory super in July 1992, the median growth fund has returned 7.6 per cent per year.