Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)
Tabled paper 1556
Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT
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Northern Territory Motor Accidents (Compensation) Commission Annual Report 2015 Page 9 MAC Fund Performance MAC Fund performance Overview Consistent with previous years the investment funds performed well for the year with income exceeding budget. The payment of $140m million in surplus funds to the Northern Territory saw a re-allocation of the growth heavy portfolio back to more defensive assets in line with the strategic asset allocation. The strategic asset allocation remained unchanged over the year. The three year strategic asset allocation review was underway as at 30 June 2015. MAC Fund performance The Fund returned a performance slightly below benchmark for the most recent financial year. This was largely due to a large cash allocation held to facilitate the payment of the $140 million surplus to the Northern Territory. Despite several significant events global markets performed strongly during the year. Fixed interest markets saw strong gains driven by the Reserve Bank of Australia further reducing the official cash rate. While the current low interest rate environment has been favourable to fixed interest investments, this is offset by the increase in scheme liabilities that are discounted by the same interest rates. Although solvency has reduced in 2015 due to the payment to the Northern Territory the Scheme remains well capitalised. 0.0% 2010 2011 2012 2013 2014 2015 Net annual return (LHS) Annual benchmark (LHS) Solvency (LHS) Cash Fixed Interest Direct Property Listed Propety Trusts Inflation Linked Bonds Government Bonds International Equities (Hedged) International Equities (Unhedged) Emerging Markets Australian Equities 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 90.0% 80.0% MAC Net annual performance return and solvency 27% 26% 10% 3% 1% 10% 6% 4% 4% 8%
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