While no additional increases are currently on the horizon, Mary Delahunty, CEO of the Association of Superannuation Funds of Australia (ASFA), expressed to SBS News that robust investment returns and a developing superannuation system are expected to continue enhancing account balances.

“Consider your investment over a 30-year period. Superannuation funds have historically yielded average returns of approximately 7.5% annually, even when factoring in the impacts of the Global Financial Crisis and the COVID-19 downturns,” she explained.

These observations are based on data from June 2023, as reported by SBS News.

For Australians approaching the typical retirement age, specifically those aged between 60 and 64, the average superannuation balance stands at $355,451.

The average superannuation for an Australian nearing typical retirement age, from age 60 to 64, is $355,451.

Delahunty said these are strong balances, but looking at the median, or midpoint, value can give a more accurate description of how most Australians are faring.

And someone aged between 70 and 74 years old has a median balance of $215,009 in their superannuation account.

How are people funding their retirement?

The result is that the super system has generated around $1 trillion in additional household savings that Australians wouldn’t otherwise have, Delahunty added.

Where are the gaps?

Women now hold 43.6 per cent of the total superannuation assets, up from 41.9 per cent five years ago.

“Meanwhile, younger towns like Darwin tend to have lower balances as workers haven’t had as much time to build up their savings.”

Proposed changes to superannuation in the works

The changes include the removal of tax on unrealised capital gains, which Treasurer Jim Chalmers said “was a genuine sticking point” for critics, hoping its removal will mean “no excuses but to support” the changes.