Australia’s Super Balances Hit Record, Exposing Wide Gap With Typical Savers

Overview

• ASFA reports an average super balance of $172,834 across all ages, with 65–69 year-olds averaging $420,934 based on ATO data to June 2023.
• The median balance is $60,037 overall and $208,143 for 65–69, well below ASFA’s comfort benchmarks of $690,000 for couples and $595,000 for singles.
• ASFA credits higher compulsory contributions at 12% and strong fund returns for the lift, with super now the primary income source for more retirees than the age pension.
• Super Consumers Australia advises younger workers not to over-save at the expense of living costs, saying a 12% rate will suit many and citing lower targets of about $421,000 for couples and $310,000 for individuals.
• A gender gap persists, with male averages around $192,119 versus $154,641 for females, though women’s share of total super has risen to 43.6% from 41.9% five years ago.