People with superannuation accounts are among the beneficiaries of the Australian share market surged past the 7000 points milestone.
The S&P/ASX200 was up 38.6 points, or 0.55 per cent, at 7033.4 at 10.15am on Thursday after briefly hitting 7041.4.
The surge thumped Wednesday’s record on the Australian Stock Exchange of 6996.8 points.
While plenty of Australians do not own shares, most super funds invest members’ money in shares listed on the Australian Stock Exchange.
The Association of Superannuation Funds of Australia CEO Martin Fahy said many Australians should be interested in the record.
“It’s good news for more people than we think,” he said.
“The ASX going through the 7000 points mark means your super has had a good day.”
However, Mr Fahy cautioned that good super performance should be measured in decades, rather than days.
-AAP
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