Media Release

Regional gap in superannuation balances revealed in new analysis

17 June 2022

Regional gap in superannuation balances revealed in new analysis

Inaugural Check Your Super Day to take place on 30th June

The Association of Superannuation Funds of Australia (ASFA) has today released an analysis of superannuation balances across states and territories.

The analysis revealed that the average Australian has $147,425 in their superannuation. 

The average super balance varied from a high of $205,369 in the ACT to a low of $107,677 in the Northern Territory.

Table 1: Average Balance by State and Territory

ACT $205,369
Victoria $151,679
New South Wales $149,063
South Australia $147,148
Queensland $142,345
Tasmania $139,719
Western Australia $137,152
Northern Territory $107,677

Check Your Super Day – 30 June 
Speaking on the release of the analysis, ASFA’s CEO Dr Martin Fahy encouraged Australians to check their super balance in advance of the end of financial year and consider if the balance is where it needs to be to meet retirement goals, in the long-term. 

“We encourage people to check their super on or before June 30th by using a retirement tool such as our SuperGuru Retirement Tracker to get a sense of how they are tracking towards their goals in retirement,” said Dr Fahy.

Long-term investment
When assessing your balance, it’s important to remember that superannuation is a decades-long proposition and returns should be analysed over 10 year periods. 

“We are facing strong economic headwinds in the coming years with higher interest rates, slower growth and global volatility. As the global economy slows down, so will returns, but the diversified long-term investment approach adopted by superannuation funds will allow members to weather the coming storm and continue to generate strong returns over the decades-long journey to retirement.

“As we look ahead to uncertainty in global markets, the great thing about superannuation is that professional fund managers spread your investment across a range of asset classes. As some asset classes fall, others rise and this helps protect your superannuation from financial shocks.

“Over the past 10 years, superannuation funds have returned 8.5% per annum,” said Dr Fahy.

Changes on 1 July
On 1st July there will be several changes coming into effect relating to superannuation which are a great step toward helping Australians enjoy a comfortable and dignified retirement.

“The increase of the Superannuation Guarantee to 10.5%, the removal of the minimum $450 earnings threshold for payment of super, and changes in the downsizer contribution policy which allows more people to use the proceeds from selling the family home, will all assist more people to boost their super.”

In the lead up to Check Your Super Day, ASFA has also compiled its top three tips for Australians to give their super an extra boost and ensure it is aligned with their goals:

  1. Check your super balance by contacting your fund or visiting MyGov
  2. Consolidate multiple superannuation accounts
  3. Check the asset allocation to ensure this aligns with your risk appetite

“These steps can change the trajectory of how a super balance is tracking and make the difference between living in retirement modestly or comfortably”, concluded Dr Fahy.

ASFA offers a range of free resources for Australians to take ownership of their future financial wellbeing, including Super Guru’s Retirement Tracker where Australians can enter their information, such as age, gender and income, to understand what kind of retirement then afford. 

ASFA’s Super Guru Super Balance Detective will show Australians how much super they should have accumulated based on their year of birth. 

ASFA’s Super Guru Small Changes, Bigs Savings tools help Australians calculate how much they could potentially add to their retirement savings through the lens of everyday extras. 


For further information and media enquiries, please contact:
Holly Clark, BlueChip Communication. 0452 069 936
Marie Dowling, BlueChip Communication, 0478 151 088

About ASFA
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.

About the ASFA Retirement Standard
Since 2004 the ASFA Retirement Standard has served as a retirement companion for Australians, providing a reliable retirement savings guide by benchmarking the annual budget needed to fund either a comfortable or modest standard of living in the post-work years. It is updated quarterly to reflect inflation, reviewed regularly to reflect changes in lifestyle, and provides detailed budgets of what single people and couples would need to spend to support their chosen lifestyle.

More information
Costs and summary figures can be accessed via the ASFA website. Australians can find out more about superannuation on the independent Super Guru website.

   

 

 

Derek Thompson

Via live link

Best Selling Author, Podcast Host of 'Plain English'

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Few speakers can match Derek Thompson‘s ability to synthesize mega-trends in society, labor, economics, technology, and politics. Put another way: Derek trawls the data sets and does the forecasting and deep reporting necessary to help us better understand how we live, how we vote, how we spend, and how we work.

In his paradigm-shifting #1 New York Times bestseller, Abundance (co-written with Ezra Klein), this award-winning journalist reveals how our policies and culture have pushed us into a world of scarcity (not enough housing, workers, or progress)—and offers a radical new path towards a world where housing is affordable, energy is plentiful, and innovation flourishes across industries.

He shares a compelling vision of a future where we have more than enough for everybody, and a practical, actionable roadmap for how to get there. It starts with taking more risks, building more expansively, and recognizing that we all have the power to create a world of abundance. “Everything’s utopian until it’s reality,” he says.

Carmen Beverley-Smith

Executive Director - Superannuation, Life & Private Health Insurance, APRA

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Carmen joined APRA in March 2023 and holds the role of Executive Director, Life and Private Health Insurance and Superannuation.  

She has had an esteemed career in financial services, spanning over 25 years. She has held diverse leadership roles at Westpac and Commonwealth Bank of Australia, including across risk, transformation and change, product and portfolio development, and sales and service. 

Prior to joining APRA, she held the role of General Manager, Risk Transformation Delivery Integration at Westpac. This involved leading the group-wide implementation of a suite of solutions to uplift risk management capability and develop data, analytics and reporting. 

Carmen leads with a values-driven approach and a particular interest in developing and mentoring talent. 

She holds a Bachelor of Commerce and Accounting, is a certified Chartered Accountant and a Graduate of the Australian Institute of Company Directors. 

Amy C. Edmondson

Novartis Professor of Leadership and Management, Harvard Business School

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Amy C. Edmondson is the Novartis Professor of Leadership and Management at the Harvard Business School, a chair established to support the study of human interactions that lead to the creation of successful enterprises that contribute to the betterment of society.

Edmondson has been recognized by the biannual Thinkers50 global ranking of management thinkers since 2011, and most recently was ranked #1 in 2021 and 2023; she also received that organization’s Breakthrough Idea Award in 2019, and Talent Award in 2017.  She studies teaming, psychological safety, and organisational learning, and her articles have been published in numerous academic and management outlets, including Administrative Science Quarterly, Academy of Management Journal, Harvard Business Review and California Management Review. Her 2019 book, The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation and Growth (Wiley), has been translated into 15 languages. Her prior books – Teaming: How organizations learn, innovate and compete in the knowledge economy (Jossey-Bass, 2012), Teaming to Innovate (Jossey-Bass, 2013) and Extreme Teaming (Emerald, 2017) – explore teamwork in dynamic organisational environments. In Building the future: Big teaming for audacious innovation (Berrett-Koehler, 2016), she examines the challenges and opportunities of teaming across industries to build smart cities. 

Edmondson’s latest book, Right Kind of Wrong (Atria), builds on her prior work on psychological safety and teaming to provide a framework for thinking about, discussing, and practicing the science of failing well. First published in the US and the UK in September, 2023, the book is due to be translated into 24 additional languages, and was selected for the Financial Times and Schroders Best Business Book of the Year award.

Before her academic career, she was Director of Research at Pecos River Learning Centers, where she worked on transformational change in large companies. In the early 1980s, she worked as Chief Engineer for architect/inventor Buckminster Fuller, and her book A Fuller Explanation: The Synergetic Geometry of R. Buckminster Fuller (Birkauser Boston, 1987) clarifies Fuller’s mathematical contributions for a non-technical audience. Edmondson received her PhD in organisational behavior, AM in psychology, and AB in engineering and design from Harvard University.

 

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.