As annual superannuation statements land in the inboxes and mailboxes of millions, Canstar is encouraging Australians to use this statement as a trigger to do a health check on one of their most important assets.
A total of $4.8 trillion is held in superannuation funds, according to the latest APRA data, an increase of 9.5% from the previous year. This includes $3.4 trillion in APRA-regulated funds.
What’s even more astounding is that member contributions have risen by 21%, according to the APRA data, with a new Canstar survey of 7,664 Australians revealing that 42% are making extra contributions to their retirement nest egg.
APRA Superannuation contributions | |||
|---|---|---|---|
Yr end Jun 25 | Yr end Jun 26 | Change | |
Employer contributions | $150.1 billion | $164.4 billion | +9.6% |
Member contributions | $59.4 billion | $71.9 billion | +21.0% |
Prepared by: Canstar. Source: APRA Quarterly superannuation statistics. Employer and member contributions are of those funds with 6 members or more.
When are super statements arriving?
Super funds must provide annual member statements as soon as practicable but within 6 months of the end of the reporting period, which for a June 30 year-end means by 31 December, with most funds sending out statements from September.
Annual superannuation statement delivery dates: Top 5 funds | |
|---|---|
Fund | Arrival date |
AustralianSuper | From Sep |
Australian Retirement Trust | Sep-Dec |
Aware Super | From Sep 14 |
UniSuper | Around Sep |
HOSTPLUS | Around Sep |
Prepared by: Canstar. Top 5 publicly available funds based on total members' benefits in APRA annual fund-level superannuation statistics. Some statements may arrive before or after the stated period.
Steps to check your super annually
- Check your details: Confirm your personal information is correct and your tax file number has been supplied.
- Audit contributions: Verify your employer has contributed the correct amount, along with any personal contributions you have made.
- Review returns and fees: Look at your fund’s short- and long-term performance and the fees you pay. Compare your fund with others.
- Assess balance: Consider whether your super is on track for the retirement income you want.
- Revisit investments: Check your investment mix aligns with your goals, timeframe and risk tolerance.
- Review insurance: Consider your life, TPD, and income protection, including the cost and level of cover.
- Update beneficiaries: Check your nominations are current and whether they are binding or non-binding.
- Consider consolidating: Multiple accounts can mean paying multiple sets of fees, but consolidating into one could mean losing valuable cover. Weigh this up carefully.
What does a competitive return look like?
Canstar data shows the average 5-year return across the balanced funds on its database is currently 6.1%, after fees have been deducted.
However, the top five funds have delivered average returns of 7.5% per annum over this time.
If someone aged 30, earning the average wage with an average super balance consistently saw returns of 7.5% a year, instead of 6.1%, they could potentially have an additional $248,550 in their super account when they retire at age 67, even after accounting for inflation and rising living standards.
Impact of switching to a higher rate of return | |||||
|---|---|---|---|---|---|
Starting age | Current super balance | Starting gross annual earnings | Market avg inv net return (6.1%) | Top 5 funds inv net return (7.5%) | Difference at age 67 |
30 | $55,173 | $85,948 | $633,891 | $882,441 | +$248,550 |
40 | $123,403 | $101,679 | $614,687 | $798,984 | +$184,297 |
50 | $197,950 | $104,286 | $517,448 | $620,522 | +$103,074 |
Source: Canstar. Scenarios begin at the start of FY2026-27 based on the average super balance by age (APRA) and median full-time wage by age (ABS). Investment returns are net of fees, based on the average annual 5-year return of balanced investment options on Canstar’s database. The average of the top 5 balanced funds is based on those with the highest 5-year returns across this subset. Balanced options are those with a growth asset allocation of 60% to less than 80%. Average life and TPD insurance premiums are assumed to be charged at the end of each year, based on default cover available for each scenario’s starting age on Canstar’s database. Annual income and insurance premiums are assumed to increase with inflation each year. Inflation is assumed to be 2.5% p.a. due to the rising cost of living (CPI inflation), plus a further 1.2% p.a. due to rising community living standards. End balances at retirement have been adjusted for inflation. Information is for illustration purposes and actual returns will vary. Past performance is not a reliable indicator of future performance.
Aussies are more active in building their retirement savings
Canstar’s Data Insights Director, Sally Tindall, says, “Super is one of the biggest financial assets most Australians will ever own, yet it’s easy to put your annual statement in the email archives.”
“Opening it is the first step, but taking action on what it tells you could potentially translate into hundreds of thousands of dollars extra in your pocket when you retire.
“It’s encouraging to see two in five Australians are putting extra into their super, with member contributions rising to almost $72 billion in the past financial year, a 21 per cent increase on the previous one.
“Australians are clearly taking a more active role in building their retirement savings, but it’s important to make sure those extra dollars are working as hard as they can.
“The difference between a top-performing balanced fund and an average one isn’t just pocket change, it’s potentially retirement-changing money. Canstar data shows a typical 30-year-old on an average wage who achieves an annual net return of 7.5 per cent, instead of an average one of 6.1 per cent, could end up with nearly $250,000 extra in retirement. That is a quarter of a million dollars more, even when adjusted for inflation.
“Your statement is also a good nudge to check whether your investment option, insurance and beneficiary nominations are still aligned with your goals and life stage. If you’ve changed jobs, family structure or retirement plans, it’s worth checking whether your super still reflects where you’re heading.”
