What is the average superannuation balance in Australia?

Australian retirement savings have continued to grow, supported by higher compulsory contributions and positive investment returns.

The average superannuation balance hit $172,834 at the end of June 2023, up from $164,126 the year before.

The median super balance also edged higher, from $57,912 in June 2022 to $60,037 in June 2023.

That's according to an analysis of the latest taxation data (covering the 2022/23 financial year) released by the Association of Superannuation Funds of Australia (ASFA) in a new report.

"The increase in the superannuation guarantee to 12% combined with strong investment returns from super funds mean Australians have more savings than ever put away for retirement," says ASFA chief executive, Mary Delahunty.

The latest super data provides more than just a glimpse at the average overall balance though. Here are three charts that showcase differences between age, gender and location.

What is the average super balance by age?

Age is, understandably, one of the biggest factors that shape super balances.

After all, someone in their mid-50s will have benefited from years of contributions and compounding returns compared to someone in their 20s who has just joined the workforce.

ASFA says that it's important to appreciate that the average figures are skewed by a relatively small proportion of Australians with high balances though, which is why looking at the median can be useful.

"Encouragingly, the median account balance (the balance at which 50% of individuals have a lower balance and 50% have a higher balance) are now quite substantial across a range of age groups."

How do male and female super balances compare?

Looking at the average and median balances for males and females of all ages over the decade, it's clear that retirement savings have ticked up.

The gap between the two groups has also narrowed over time, though not substantially.

"While the gender gap has not markedly reduced in recent years, more men and women are retiring with a superannuation balance and average balances are increasing as the system matures," the ASFA report notes.

ASFA argues that a number of reforms in the space are likely to see the gender super gap narrow in years to come though.

These include the introduction of super contributions during paid parental leave back in July and the recent proposal to expand the Low Income Superannuation Tax Offset (LISTO) from 2027.

How do super balances differ by location?

Retirement savings in super aren't distributed evenly across the country. As it turns out, the state and territory you live in - and even your postcode - could say a lot about your super balance.

The average balance of $234,298 for residents in the Australian Capital Territory, for instance, is much higher than in any other state or territory.

New South Wales has the second-highest average balance ($179,731), while the Northern Territory has the lowest ($128,091).

There are even greater differences at the suburb level. Australian Taxation Office data from the 2021-22 financial year reveals that residents in some postcodes are, on average, sitting on seven-figure balances.

Residents of Portsea on the Mornington Peninsula had the highest average super balance in the country in June 2022 of $1,606,554 - nearly ten times the national average ($164,126)

Palm Beach in Sydney's Northern Beaches came in second place, with residents sporting an average balance of $1,027,343.

To see how your own suburb compares plug your postcode into the search bar in the map above.

Four ways to boost your balance

In addition to the contributions made by their employers through the superannuation guarantee, Australians who are looking to bump up their balance may have several options at their disposal:

• Salary sacrifice: Employees may be able to reach an agreement with their employers to pay a portion of their pre-tax income into their super rather than receive it as regular pay.
• Personal contribution: Super members can also choose to make voluntary contributions directly to their fund themselves.
• Spouse contribution: It's possible for someone to contribute to their spouse's superannuation (and visa versa) via a direct contribution or via contribution splitting.
• Government co-contribution: Low and middle-income earners wanting to make a personal contribution may be eligible to receive a government co-contribution of up to $500.  

Beyond contributions, it may also be worth considering other ways to boost your super balance such as tracking down lost super, consolidating accounts and tweaking insurance or investment settings.

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