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      Australia’s super industry is entering a phase focused on elevating performance, experience and trust.

      After another period of strong returns, Australians now have more than $4.5 trillion invested in superannuation, reinforcing its scale and significance to the economy and retirement outcomes.

      At the same time, super funds are under increasing regulatory and member pressure. As market volatility, cyber threats and AI adoption challenge current models, many are looking to reshape how they operate and invest.

      So, what are super funds doing to ensure future success as the environment continues to evolve? KPMG’s annual, in‑depth super industry analysis and dashboard share comprehensive insights, data and trends affecting the superannuation industry.

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      Superannuation market
      overview

      • Investment performance remains strong

        In FY25, the median growth fund returned 10.5%, marking a third consecutive year of strong outcomes and delivering more than 30% over three years. While this has supported asset growth across the sector, these returns may not be guaranteed going forward.

      • Scale continues to consolidate

        Total superannuation assets have grown beyond $4.5 trillion, with asset growth increasingly concentrated among the largest APRA regulated funds. The top 24 funds (over $20 billion) now account for around 96% of industry assets, reflecting ongoing consolidation through mergers and stronger flows to these funds.

      • Regulatory and cost pressure has intensified

        Regulatory scrutiny continued build over the past year, particularly around risk management, investment governance, liquidity, valuation and service delivery. Average operating costs also rose to $250 per member in FY25, mainly driven by technology uplifts, strengthening cyber resilience and transformation activity.

      • Turning strategy into results

        Over the past year, super funds have shifted from strategy to execution. They are lifting operational capability, strengthening cyber and fraud controls, and embedding AI to meet rising expectations while delivering change at scale and protecting service quality, resilience and member outcomes.

      Australian superannuation industry performance snapshot

      Our Super Insights 2026 report combines annual data insights with eight interconnected themes that elevate performance, experience and trust.

      Sustainable returns and performance

      Funds continue to focus on delivering fair, consistent long‑term returns amid market volatility and heightened scrutiny on investment governance, liquidity and valuation discipline.

      Value for money and efficient operations

      Value for money remains central to member outcomes, with funds balancing rising operating costs against the need to invest in scale, efficiency and transformation to meet regulatory and member expectations.

      Safety, protection and confidence in the system

      Cyber resilience, fraud prevention, insurance sustainability and strong governance are now baseline expectations. Recent sector incidents have reinforced the importance of trustee accountability and system‑wide confidence.

      Guidance, advice and member support

      Funds are under increasing pressure to provide timely, accessible guidance and advice that supports better member decision‑making, particularly at key moments across the super journey.

      Service quality, responsiveness and operational reliability

      Service quality has become a critical trust marker for both members and regulators. Reliable operations, faster resolution and resilience during disruption are now central to performance.

      Member experience and digital engagement

      Member expectations are shaped by leading digital and consumer services. Funds are improving end‑to‑end digital journeys to create simpler, more intuitive and human experiences.

      AI‑enabled transformation across the value chain

      AI is moving from experimentation to an essential capability, helping funds improve efficiency, risk management and personalisation, while requiring strong governance and responsible use.

      Retirement and the ongoing strategic focus

      Retirement remains a critical strategic priority as the retiree cohort grows. Funds are strengthening retirement journeys, guidance and product innovation to improve outcomes at the point that matters most.

      Super Insights 2026 webinar

      Download: Super Insights 2026

      Super Insights 2026

      Super Insights 2026

      Elevating performance, experience and trust in superannuation
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      Super Insights 2025

      Super Insights 2025

      Ability for super funds to transform and respond to market forces more important than ever.
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      Super Insights 2024

      Super Insights 2024

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      Super Insights 2026 dashboard

      The KPMG Super Insights dashboard offers a customisable, clear picture of fund performance at an industry, segment and fund level including key focus areas for the next 12 months.

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      Superannuation data and analytics services

      KPMG can provide tailored analyses of our 2026 super insights, including comparing the performance of your super fund against others, projecting future performance data, and modelling the impacts of potential super fund mergers.

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      Contact KPMG’s superannuation specialists

      Superannuation industry insights

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      FAQs

      A superannuation review involves a thorough evaluation of a super fund’s performance, governance, compliance, and member services. It aims to ensure the fund is operating efficiently and in the best financial interests of its members.

      KPMG’s Super Insights report provides Australian superannuation industry analysis based on the reporting data of APRA regulated funds. While not every provider is individually profiled, the report delivers comprehensive superannuation market insights Australia wide to inform strategic, regulatory and performance decisions.

      We label mega funds as those with more than $100 billion in assets under management (AUM). As at June 2025, there are nine mega funds, reflecting ongoing consolidation and scale effects noted in Australian super funds industry analysis.

      Industry funds increased market share to 40.3% in FY25, continuing a five year upward trend. Growth has been supported by strong performance and consolidation.

      Market volatility remains a key risk, but diversified portfolios and long term investment horizons have supported outcomes. Superannuation funds’ performance analysis shows growing emphasis on governance, liquidity and risk management to sustain results through uncertain conditions.

      The superannuation industry faces several regulatory pressures, including intense scrutiny over super fund expenditure, the best financial interests duty (BFID), investment governance, member servicing, trustee board governance, and accountability. This regulatory framework aims to ensure funds operate efficiently, prioritise members’ best financial interests, and maintain robust governance and risk frameworks. Funds must ensure compliance and demonstrate robust governance to navigate these pressures while delivering tangible benefits to members.

      Geopolitical uncertainty increases market volatility and valuation risk. Australian superannuation industry insights show funds responding through diversification, stronger liquidity management and disciplined governance to protect long term member outcomes.

      Funds are prioritising cost discipline, operational resilience and flexible investment strategies. Superannuation industry trends in Australia indicate a shift toward execution certainty and risk management to navigate economic and labour market uncertainty.

      Super Insights 2026 Dashboard

      Please complete the short form to receive access to the Super Insights 2026 dashboard and analysis.