News round-up

Global crisis hits GSF returns
The Government Superannuation Fund has recorded an after-tax deficit before membership activities of $583.3 million for the year to 30 June, 2009.

The results represent a return of -16.8% on average assets over the year. In the previous financial year the fund recorded an after tax deficit of $206.9 million, representing a return of -6.7% on average assets.

"Like other growth funds around the world, the fund has been severely impacted by the financial crisis which led to the worst downturn in investment markets since the Great Depression," GSF authority board chairman Tim McGuinness says.

As at 30 June, the fund's net assets stood at $2.65 billion, down from $3.53 billion in 2008.