The value of Australian superannuation funds rose by 8.1% in the 12 months ended 31 December 2025 to a record A$4.49 trillion (US$3.19 trillion), according to data from the Australian Prudential Regulation Authority (APRA).
APRA was releasing its Quarterly Superannuation Performance publication for the December 2025 quarter, which showed sector assets had grown from $4.15 trillion at 31 December 2024 and $4.47 trillion at 30 September 2025.
The regulator said in a statement that the increase in assets was driven by a 9.1% rise in APRA-regulated assets to $3.18 trillion, with self-managed superannuation (SMSF) assets rising 6.0% to $1.06 trillion.
Among the APRA-regulated assets, retail funds showed the most growth in assets across the year, rising 10.5% to $891.0 billion, just outpacing industry funds (10.4% to $1.64 billion) and public sector funds (6.0% to $608.2 billion), while corporate fund assets fell 19.4% to $37.5 billion.
But in the December quarter, industry funds outpaced the others with growth of 1.3% compared with retail (0.8%) and public sector (0.2%), while corporate funds showed no asset growth.
Total contributions increased by 11.5% to $220.8 billion in 2025, of which employer contributions rose 8.6% to $156.3 billion, and member contributions jumped 19.2% to $64.5 billion.
Benefit payments increased by 12.5% to $139.9 billion, as lump sum payments rose 13.8% to $77.6 billion and pension payments added 10.8% to $62.3 billion.
APRA also reported super funds generated a return of 8.7% in the 12 months to 31 December, down from 11.1% a year earlier, with a five-year annualised return of 7.2% (6.0%).
Industry funds made up 52% of the assets held by APRA-regulated funds at 31 December, with retail funds holding 28%, public sector funds 19% and corporate funds 1%.
