Annual superannuation bulletin - 2024-25 highlights

Industry overview
 

Total superannuation industry assets were $4.3 trillion as at 30 June 2025. Of this, $3.0 trillion (70.3 per cent) was held by APRA-regulated superannuation entities and $1.1 trillion (24.3 per cent) was held by self-managed superannuation funds (SMSFs), which are regulated by the ATO. The remaining $238 billion comprised exempt public sector superannuation schemes ($178 billion, 4.1 per cent) and balance of life office statutory funds ($60 billion, 1.4 per cent).

Over the five years from June 2020 to June 2025:

• total superannuation industry assets increased by 52.2 per cent from $2.9 trillion to $4.3 trillion (Chart 1);
• assets in APRA-regulated superannuation entities increased by 57.8 per cent from $1.9 trillion to $3.0 trillion; and
• SMSF assets increased by 47.8 per cent from $711 billion to $1.1 trillion.

Over the same period, the number of APRA-regulated funds declined from 1,656 to 771 (53.4 per cent) with the number of APRA-regulated funds with more than six members declining from 158 to 81. In addition, there was a net reduction of 12 pooled superannuation trusts (PSTs) and 796 small APRA funds (six or less members) over the period. The number of SMSFs rose 15.2 per cent from 566,871 to 653,062 over the five years to June 2025.

Chart 1: Assets of superannuation entities

At 30 June 2025, there were 58 APRA-regulated RSE licensees responsible for managing 81 funds with more than six members. These funds had 22.9 million member accounts.

There were 397 directorships on the boards of APRA-regulated trustees at 30 June 2025, with females accounting for 42.6 per cent of directorships. The average board size was 7 directors, with average director remuneration of $98,809 per annum.

Entities with more than six members
 

The information provided below refers to APRA-regulated entities with more than six members and includes exempt public sector superannuation schemes.

Performance

The annual rate of return for the year ended June 2025 was 10.1 per cent, higher than the five year (7.8 per cent) and ten year (6.5 per cent) average annual return to June 2025. Performance was positive despite increased risks to international trade and global growth which was reflected in significant market volatility for the year.

Contributions and benefit payments

There was $209.4 billion of contributions and $132.2 billion of total benefit payments for the year ended June 2025. Lump sum benefit payments were 55.2 per cent of total benefit payments ($73.0 billion) and pension benefit payments were 44.8 per cent of total benefit payments ($59.2 billion) for the year ended 30 June 2025.

Net contribution flows for the year ended 30 June 2025 increased by $8.9 billion to $70.9 billion (Chart 2). The increase in the Superannuation Guarantee rate to 11.5 per cent in July 2024 and resilient labour market with low unemployment and firm employment growth boosted employer contributions by $12.8 billion in the year and supported voluntary contributions with member contributions increasing by $12.4 billion in the year. Total benefit payments increased by $14.8 billion (or 12.6 per cent) over the year. Lump sum payments had stronger growth (13.8 per cent) than pension payments (11.0 per cent).

Chart 2: Net Contributions and Benefit Payments

Fees

A total of $12.3 billion in fees was paid in the year ended 30 June 2025, with 89.6 per cent of fees paid by members and the remaining balance largely paid by employer sponsors or from reserves. Administration fees ($4.5 billion) and investment fees ($5.0 billion) accounted for a large share of the fees paid.

Service provider expenses

Expenses paid to service providers totalled $10.4 billion for the year ended 30 June 2025, with 85.5 per cent ($8.9 billion) paid to external service providers and 14.5 per cent ($1.5 billion) paid to internal service providers. This is a 12.9 per cent increase in expenses paid to external service providers from the year ended 30 June 2024 ($7.9 billion).

Membership

Members’ benefits increased by 10.5 per cent over the year to 30 June 2025, from $2.8 trillion to $3.1 trillion, which was driven largely by investment returns over the year. Over the five years from June 2020 to June 2025, members’ benefits increased by 54.0 per cent from $2.0 trillion (Chart 3).

The number of member accounts at 30 June 2025 increased by 1.5 per cent to 23.6 million over the year. Over the five years from June 2020 to June 2025, the number of member accounts increased by 1.4 per cent from 23.2 million. This was due to increases in the labour force over the period being only partially offset by account stapling under the Your Future, Your Super package. The average account balance at 30 June 2025 was $131,980.

Chart 3: Members’ benefits and number of accounts

MySuper products

Overview

There were 52 MySuper products offered by 40 RSEs at 30 June 2025.  

There were 40 generic, 10 large employer and 2 material goodwill MySuper products. Of the total number of MySuper products, 24 have a lifecycle strategy.

Contributions and benefit payments

Total members’ benefits flows into MySuper products for the year ended 30 June 2025 were $152.8 billion, including $84.5 billion from employer contributions and $16.7 billion from member contributions.

Total members’ benefits flows out of MySuper products for the year ended 30 June 2025 were $85.2 billion, including benefit payments of $27.0 billion. Net member benefit inflows for the year ended 30 June 2025 were $67.5 billion.

Fees

Fees paid in relation to MySuper products totalled $4.2 billion for the year ended 30 June 2025, with 84.4 per cent of fees paid by members and the remaining portion largely paid from reserves. Administration fees ($2.0 billion) and investment fees ($2.1 billion) accounted for almost all of the fees paid.

Membership

Members’ benefits in MySuper products increased by 11.0 per cent over the year to 30 June 2025, from $1,067 billion to $1,184 billion. Members’ benefits in MySuper products were 38.0 per cent of total fund members’ benefits at 30 June 2025 (for entities with more than six members).

MySuper member accounts grew marginally by 0.3 per cent over the year to 30 June 2025 to 15.4 million. MySuper member accounts were 65.0 per cent of total fund member accounts at 30 June 2025 (among entities with more than six members). The average MySuper account balance at 30 June 2025 was $76,729.