Superannuation Funds in Australia - Market Research Report (2014-2029)
Melbourne, Australia
Last Updated: August 2024
ANZSIC K6330Revenue
$289.3bn
Past 5-Year Growth
Profit
$XXX.Xbn
Employees
12,721
Businesses
122
Wages
$X.Xbn
Superannuation Funds in Australia industry analysis
Severe global market volatility over the past five years has meant superannuation funds' investment incomes have fluctuated significantly. The COVID-19 pandemic, inflationary pressures and geopolitical tensions have caused funds’ incomes to swing dramatically. The pandemic, in particular, drove down superannuation funds' income in 2019-20; that's why superannuation funds’ revenue is expected to have surged at an annualised 102.2% over the five years through 2024-25, to $289.3 billion. Superannuation fund's total assets are a more accurate indicator of the industry's size, and assets are expected to have expanded at an annualised 8.4% over the same period, to $4.2 trillion. Continued incremental increases to the Superannuation Guarantee Scheme have boosted contributions to superannuation funds.
Trends and Insights
- The incorporation of Environmental, Social and Governance (ESG) options in superannuation funds has led to issues of greenwashing. The Australian Securities and Investments Commission (ASIC) is taking stringent action against funds that make deceptive environmental claims.
- Industry funds are experiencing rapid growth, progressively encroaching on the market share of other super funds. Their attractiveness stems from favourable fee structures and competitive returns, compelling members to shift from retail, public sector and small funds.
- Sydney and Melbourne house over 80.0% of superannuation funds, thanks to their vibrant financial sectors and the abundance of high-net-worth individuals. Their financial significance offers access to partnerships and innovative investment options, enhancing their appeal as super fund hotspots.
- Large superannuation funds are expanding into the global market, increasing the industry’s concentration. This strategy is becoming increasingly crucial as the volume of fund inflows surpasses the Australian domestic market.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 102.2 % over the past five years, to reach an estimated $289.3bn in 2024.
Trends and Insights
Investment income is recorded as the revenue for the Superannuation Funds industry
- Due to the Superannuation Funds industry's unique structure, which means revenue can be calculated as negative, annual revenue growth figures can appear idiosyncratic. Total industry assets provide a more accurate representation of the industry's size. They’re anticipated to grow at an annualised 8.4% over the five years through 2024-25, to $4.2 trillion, even though funds incurred net losses in 2021-22.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Regulatory pressures by ASIC, ACCC and APRA will drive up superannuation funds' compliance-related spending
- To avoid regulatory scrutiny, superannuation funds are poised to ramp up compliance-related spending in the coming years. One reason for this is authorities' increased attention to misleading or deceptive conduct surrounding environmental claims, also known as greenwashing.
Biggest companies in the Superannuation Funds in Australia
| Company | Market Share (%)
2025 | Revenue ($m)
2025 |
|---|---|---|
AustralianSuper | 23,034.7 | |
Australian Retirement Trust | 20,032.1 | |
Aware Super | 11,443.8 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Other funds, Industry funds and Public sector funds. Other funds is the largest segment of the Superannuation Funds in Australia.
Trends and Insights
Industry funds are capitalising on scale and trust
- Industry funds are not-for-profit super funds traditionally designed for workers within a specific industry. They now attract members from multiple unrelated employers thanks to their favourable fee structures and returns.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Life Insurance in Australia
- Funds Management Services in Australia
- Investment Banking and Securities Brokerage in Australia
Complementors
- Custody, Trustee and Stock Exchange Services in Australia
- Superannuation Funds Management Services in Australia
International industries
- Global Pension Funds
- Retirement & Pension Plans in the US
- Superannuation Funds in New Zealand
- Pension Funding in the UK
- Pension Funding in Ireland
Table of Contents
About this industry
Industry definition
The industry provides retirement benefits to members and includes both large and small funds. Industry revenue primarily consists of investment revenue. Investment revenue is income earned from investments and capital gains or losses. Enterprises represent major funds (i.e. super funds with five or more members) and establishments include all super funds including self-managed superannuation funds.
What's included in this industry?
Industry fundsRetail fundsSmall fundsPublic sector fundsBalance of life office statutory fundsCompanies
AustralianSuperAustralian Retirement TrustAware SuperPurchase this report to view all 5 major companies in this industry.
Related Terms
SMSFSDEFINED BENEFITTRANSFER BALANCE CAPUNLISTED ASSETSIndustry Code
ANZSIC 6330 - Superannuation Funds in Australia
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The incorporation of Environmental, Social and Governance (ESG) options in superannuation funds has led to issues of greenwashing. The Australian Securities and Investments C...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Industry funds are experiencing rapid growth, progressively encroaching on the market share of other super funds. Their attractiveness stems from favourable fee structures an...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Sydney and Melbourne house over 80.0% of superannuation funds, thanks to their vibrant financial sectors and the abundance of high-net-worth individuals. Their financial sign...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Large superannuation funds are expanding into the global market, increasing the industry’s concentration. This strategy is becoming increasingly crucial as the volume of fund...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Many superannuation funds are increasingly focusing on upgrading their digital capacities, including generative AI, to enhance members’ experience. This digital transformatio...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of AustralianSuper's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Australian Retirement Trust's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Aware Super's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for AustralianSuper, and factors influencing its performance in the industry
- Description and key data for Australian Retirement Trust, and factors influencing its performance in the industry
- Description and key data for Aware Super, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The superannuation guarantee (SG) underlines the obligation of all Australian employers to contribute to their employees' superannuation funds. The SG rate's scheduled increa...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profit for super funds refers to the surplus generated after accounting for fees and other expenses. The AI and tech boom has driven favourable market conditions, which have ...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Australia include:
- Australian Bureau of Statistics
- Australian Taxation Office
- Australian Securities & Investments Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Superannuation Funds industry in Australia in 2024?
The market size of the Superannuation Funds industry in Australia is $289.3bn in 2024.
How many businesses are there in the Superannuation Funds in Australia industry in 2024?
There are 122 businesses in the Superannuation Funds industry in Australia, which has declined at a CAGR of 7.2 % between 2019 and 2024.
Has the Superannuation Funds industry in Australia grown or declined over the past 5 years?
The market size of the Superannuation Funds industry in Australia has been growing at a CAGR of 102.2 % between 2019 and 2024.
What is the forecast growth of the Superannuation Funds industry in Australia over the next 5 years?
Over the next five years, the Superannuation Funds industry in Australia is expected to grow.
What are the biggest companies in the Superannuation Funds market in Australia?
The biggest companies operating in the Superannuation Funds market in Australia are AustralianSuper, Australian Retirement Trust and Aware Super
What does the Superannuation Funds in Australia include?
Industry funds and Retail funds are part of the Superannuation Funds industry.
Which companies have the highest market share in the Superannuation Funds in Australia?
The company holding the most market share in Australia is AustralianSuper.
How competitive is the Superannuation Funds industry in Australia?
The level of competition is high and increasing in the Superannuation Funds industry in Australia.
