Australia’s superannuation system is one of the largest in the world. This page collects key facts and figures about Australian super — covering system size, balances by age, fund performance, contribution patterns, insurance, and retirement outcomes.
Data is sourced from APRA, ABS, ATO, ASFA, and RBA unless otherwise noted.
System Size
| Metric | Figure (FY2023–24) |
|---|---|
| Total super assets | ~$3.9 trillion |
| Number of super accounts | ~24 million |
| Number of members | ~17 million |
| Number of APRA-regulated funds | ~170 |
| Number of SMSFs | ~600,000 |
| Total SMSF assets | ~$900 billion |
Australia’s super system is the world’s 4th largest pension pool by assets (after USA, Japan, and Canada), despite Australia’s relatively small population.
Sources: APRA Quarterly Superannuation Statistics; ATO SMSF statistics
Average Super Balances by Age
APRA and ATO data shows significant variation in average super balances by age cohort:
| Age group | Average balance (approx.) |
|---|---|
| 25–29 | $25,000–$35,000 |
| 30–34 | $45,000–$60,000 |
| 35–39 | $70,000–$90,000 |
| 40–44 | $100,000–$130,000 |
| 45–49 | $130,000–$165,000 |
| 50–54 | $165,000–$215,000 |
| 55–59 | $200,000–$260,000 |
| 60–64 | $240,000–$320,000 |
Note: These are averages — medians are significantly lower due to high-balance members skewing averages. The median balance at retirement is materially below the average.
Source: ATO Taxation Statistics; ASFA
The Gender Super Gap
Women retire with significantly less super than men:
| Metric | Figure |
|---|---|
| Women retire with (approx.) less super | ~42% less than men |
| Average male balance at retirement (60–64) | ~$320,000 |
| Average female balance at retirement (60–64) | ~$245,000 |
| Annual super contributions gap (approx.) | ~$3,000–$5,000 less for women |
Primary causes: gender pay gap, career breaks for caring, part-time work, and longer life expectancy (meaning savings must last longer). See Gender Super Gap.
Source: ASFA; WGEA; ATO
Contributions
| Metric | Figure (FY2024–25) |
|---|---|
| Employer SG rate | 11.5% of OTE |
| Concessional contribution cap | $30,000/year |
| Non-concessional contribution cap | $120,000/year |
| Total contributions (FY2022–23 approx.) | ~$150 billion per year |
| % of contributions from employers (SG) | ~75–80% |
| % from voluntary contributions | ~20–25% |
Source: APRA Quarterly Superannuation Statistics
Superannuation Guarantee History
| Year | SG Rate |
|---|---|
| 1992 | 3% |
| 2002 | 9% |
| 2014–2021 | 9.5% |
| July 2022 | 10.0% |
| July 2023 | 11.0% |
| July 2024 | 11.5% |
| July 2025 | 12.0% (legislated) |
Fund Performance and Fees
| Metric | Figure (approx.) |
|---|---|
| Median MySuper (Balanced) 10-year return (FY2024) | ~8% p.a. |
| Average administration fee (Balanced) | ~$400–$600/year |
| Average investment fee (Balanced) | ~0.50–0.80% p.a. |
| Number of funds that failed 2023 APRA Performance Test | 5 MySuper products |
| Total value of super paid as benefits (FY2022–23) | ~$90 billion per year |
Source: APRA Annual Fund-Level Superannuation Statistics; SuperRatings; Chant West
Insurance in Super
| Metric | Figure |
|---|---|
| % of super accounts with insurance | ~70–75% of accounts |
| Total life insurance paid through super | ~$11 billion/year (incl. death + TPD + IP) |
| Average death cover (MySuper member) | ~$175,000 |
| Average TPD cover (MySuper member) | ~$110,000 |
Source: ASIC; APRA
Retirement Adequacy
ASFA Retirement Standard (FY2024–25) estimates for a comfortable retirement:
| Lifestyle | Couple/year | Single/year | Lump sum needed (at 67) |
|---|---|---|---|
| Comfortable | ~$73,000 | ~$52,000 | ~$690,000 (couple) / ~$595,000 (single) |
| Modest | ~$46,000 | ~$32,000 | Largely met by Age Pension |
A “modest” retirement is supported significantly by the Age Pension. A “comfortable” retirement requires substantial super savings.
Source: ASFA Retirement Standard Q4 FY2024–25
Age Pension and Super
| Metric | Figure |
|---|---|
| Age Pension eligibility age | 67 |
| Maximum Age Pension (single, FY2024–25) | ~$29,754/year ($1,144/fortnight) |
| Maximum Age Pension (couple combined) | ~$44,855/year |
| Asset free area (homeowner, single) | $314,000 |
| Asset free area (homeowner, couple) | $470,000 |
| Super assets test (over Age Pension age) | Counted in assets and income test |
Source: Services Australia (FY2024–25 current)
Key Data Sources
| Source | URL | Data type |
|---|---|---|
| APRA | apra.gov.au | Fund statistics, performance test, heatmap |
| ATO | ato.gov.au | Contributions, rollovers, SMSF data, taxation statistics |
| ASFA | superannuation.asn.au | Retirement Standard, gap analysis |
| ABS | abs.gov.au | Income, wealth, household surveys |
| RBA | rba.gov.au | Super in financial system context |
| WGEA | wgea.gov.au | Gender pay and super gap data |
For advice tailored to your retirement situation, speak with a licensed financial adviser. Find one via MoneySmart. For more, visit the Superannuation home page.