Australian superannuation accounts have reached a record average high, marking the strongest level of retirement savings ever recorded.
According to new research from the Association of Superannuation Funds of Australia (ASFA), account holders aged 65 to 69 now have an average balance of $420,934, while the overall national average across all age groups has climbed to a record $172,834.
Despite the strong growth, a gender gap remains. Male account holders average $192,119, compared to $154,641 for females. However, ASFA noted that the gap is gradually closing, with women now holding 43.6% of the country’s total super savings, up from 41.9% five years ago.
ASFA Chief Executive Mary Delahunty said the rise in the superannuation guarantee to 12%, combined with strong investment returns, has significantly boosted retirement savings.
“The increase in the superannuation guarantee to 12 per cent combined with strong investment returns from super funds mean Australians have more savings than ever put away for retirement. This is great news,” she said.
The report also found that a 30-year-old median wage earner with $30,000 already in super is now projected to retire with $610,000, surpassing the $595,000 benchmark for a comfortable retirement.
Fewer Australians are now depending primarily on the Age Pension, with super increasingly serving as the main source of retirement income — a shift ASFA described as a “historic transformation” in how Australians fund their retirement.
