As at 30 June 2025, total member assets of the superannuation industry reached $2.68 trillion, spread across 895 superannuation products and 23.3 million member accounts, according to the latest Quarterly Superannuation Industry Publication data released by the Australian Prudential Regulation Authority (APRA).
APRA’s data showed that of the 895 superannuation products currently available, 52 were MySuper products, 730 were Choice products and 113 were defined benefit products.
MySuper held $1.129 trillion in assets, while Choice products held $1.441 trillion and defined benefit products held $141 billion.
In terms of membership, 14.9 million accounts were in MySuper, 7.7 million in Choice and 0.7 million in defined benefit products.
Choice products dominated the landscape with 421 accumulation products, 109 transition-to-retirement products, and 200 retirement products. Within this category, $883 billion in assets were in accumulation, $16 billion in transition-to-retirement and $512 billion in retirement.
Of the 7.7 million Choice member accounts, 6.3 million were in accumulation, 0.1 million in transition-to-retirement and 1.4 million in retirement.
According to APRA, average account balances varied significantly across product types. MySuper members held $76,000 on average, while Choice accumulation members held an average of $140,000.
Transition-to-retirement members averaged around $246,000, while retirement members held around $377,000 and defined benefit members held $201,000.
Moreover, investment options within Choice products remained diverse with 35,552 single sector options accounting for 28.8 per cent of member assets, 14,540 multi-sector options representing 66.4 per cent, and 85,477 direct asset options comprising 4.7 per cent.
Platform products also played a significant role, according to APRA, representing $396.6 billion or 28.1 per cent of Choice member assets.
This comes as data released by Chant West revealed a strong start to the financial year by super funds, reporting a return of 10.4 per cent over FY2024–25.
The median growth fund, which typically holds 61–80 per cent in growth assets, rose by 1.5 per cent in July, and with sharemarkets also rising in August, Chant West estimated the median growth fund was up 2.7 per cent in the first seven weeks of FY25–26.
At the same time, the latest allocation figures show how these trillions are invested across the system.
Equity dominated total superannuation portfolios at $1.67 trillion or 58.2 per cent of assets, followed by fixed income at $541.5 billion (18.8 per cent), infrastructure at $239.8 billion (8.3 per cent), property at $190.2 billion (6.6 per cent) and cash at $207.3 billion (7.2 per cent). Smaller allocations included $30.1 billion to private debt, $37.4 billion to alternatives, and $4.0 billion to commodities.
By fund type, industry super funds managed the largest pool with $1.52 trillion, led by $877.3 billion in equity and $285.6 billion in fixed income, alongside $164.0 billion in infrastructure and $103.5 billion in property.
Retail funds followed with $835.4 billion, including $503.6 billion in equity and $156.1 billion in fixed income. Public sector funds managed $484.5 billion, again dominated by equity at $275.4 billion, while corporate funds accounted for $36.2 billion overall.
