Super Review

Superannuation will be “front and centre” of Australia’s economy and “crucial” to making the future work for the country, Treasurer Jim Chalmers has said. In a speech to the Super Members Council Super Summit, held on 9 September, Chalmers gave a glimpse of the latest Intergenerational Report (IGR) findings and said super is a “broader antidote” to the serious intergenerational pressures facing Australia.

Retirement spending is injecting $121 billion in the economy according to new research from the Super Members Council. The ACIL Allen research commissioned by the SMC surveyed around 2,000 Australians over the age of 60 years and found retirement spending is now worth double the Age Pension each year.

The Australian superannuation system is widely regarded as one of the best in the world but how do retirement savings compare to United States’ 401ks? Research by iSelect has compared the median savings of the Australian superannuation members versus those who have a 401k in the United States. Those individuals aged 55-64 have just US$15,000 in the United States compared to $400,000 in Australia.

The 2026 Super Fund of the Year Awards has extended its nominations and submissions deadline, giving super funds and industry professionals an additional opportunity to put forward their achievements for national recognition. Originally closing on 11 September, nominations and submissions will now remain open until 25 September 2026.

ASIC has banned former InterPrac director Garry Crole for 10 years over his role in the Interprac-Shield-First Guardian events. Crole has been banned by the regulator for 10 years from performing as a director or responsible manager or any function involved in carrying on a financial services business, effective from 4 September.

ASIC has issued infringement notices for misleading investment disclosures to the Australian Retirement Trust (ART), Tetra Servicing, and Australian Meat Industry Superannuation (AMIST). The regulator identified alleged false or misleading representations about their superannuation investment options. Each fund will receive two infringement notices, totalling $39,600 per fund and $118,800 overall.

The reaction to the super proposal put forward by One Nation has been swift and scathing, with advocacy groups claiming the plan could leave Australians $25,000 worse-off in retirement. On 7 September, One Nation leader Pauline Hanson suggested allowing people paying rent or a mortgage to divert one quarter of their future super contributions into their take-home pay for up to three years.

The growth of AustralianSuper and Australian Retirement Trust has seen both funds sit in the global top 20 pension funds for the first time, according to the annual Thinking Ahead Institute ranking. The annual Global Top 300 Pension Funds report from the Institute, part of consultancy WTW, ranks the world’s top 300 pension funds by assets under management.

The Australian Prudential Regulation Authority (APRA)’s new deputy chair David Bradbury has weighed in on the challenges facing the superannuation industry and the regulator’s role in addressing them. Announced last week, Bradbury has joined the prudential regulator this month for a five-year term, sitting alongside deputy chair Therese McCarthy Hockey who will oversee work in banking. His appointment follows the exit of Margaret Cole who concluded her five-year term earlier this year.

Aware Super has entered into an agreement with Macquarie Asset Management (MAM) which will see MAM acquire a 50 per cent ownership of information gateway SERV from Aware. The Macquarie Global Infrastructure Fund (MGIF) will acquire the stake in Secure Electronic Registries Victoria (SERV), the private operator of Victoria’s Register of land.