On October 1, CareSuper amended the trust deed to change the circumstances in which a binding nomination may become invalid.

Previously a binding nomination could become invalid if a member entered into a new spousal relationship, which includes a de facto relationship, after making a nomination. This no longer applies from October 1.

Reasons a binding nomination may be invalid at the time it is received include form requirements not being satisfied, such as the nomination not being witnessed by two people who are over 18 years old and were not nominated as beneficiaries, or where the form contained amendments or corrections.

A binding nomination may also become invalid if or when a member passes away, and any nominated beneficiaries are no longer dependants under super laws or legal personal representative. This includes one or more beneficiaries passing away or the member no longer being a relationship with a nominated spouse or de facto partner.

This is part of several changes that include updates to fees and costs, investments and insurance.

For its Direct Investment option (DIO), members previously could only invest up to 20% of their total account balance in a single listed security. From October 1, the 20% limit no longer applies to all ETFs and LICs, while different limits may apply to individual ETFs and LICs.

DIO allows eligible members to invest part of their super in S&P/ASX 300 shares, ETFs, LICs and term deposits. The 20% limit will continue to apply to S&P/ASX 300 shares.

The changes included adjustments to pre-mixed investment options as part of the super fund's annual investment strategy review.

The Growth option for members in accumulation phase, for example, saw the risk level move from "high" to "medium to high." Its likelihood of incurring a negative annual return over a 20-year period went from 4.2 to 3.6.

The Balanced option's risk level went from "medium to high" to "medium" while the likelihood of negative annual return reduced from 3.5 to 2.8.

The Sustainable Balanced option's risk level is now "medium" having previously rated "medium to high" and its negative annual return likelihood over 20 years dropped to 2.8 from 3.5.

Earlier this year, CareSuper announced insurance cost increases after three years of holding fees steady, saying that a rise in claims had made them necessary.

CareSuper had $64.1 billion in assets at the end of June, according to APRA, managed on behalf of 634,560 members.

Available since October 1, Indexed International Shares and Indexed Australian Shares options provide a passively managed way to invest in local and global shares. Both options have investment fees and costs of 0.08% p.a. and no transaction costs.

The options will be available to members with Accumulation, Pension or Transition to Retirement (TTR) Pension accounts, and can be combined with other investment options. Brighter Super said.

The Indexed International Shares follows a weighted combination of the MSCI World Index in Australian dollars, with 20% hedged and 80% unhedged exposure, while the local strategy is designed to perform in line with the S&P/ASX 300 Accumulation Index. Both investment objectives are stated before investment fees and taxes.

Brighter Super chief member officer Lisa Kay said the new offerings complement the super fund's existing Indexed Balanced option, which invests across a mix of asset classes, providing members and advisers with "distinct building blocks" for broader investment strategies.

"Advisers have told us they want greater flexibility to tailor international and Australian share exposure within their clients' Brighter Super accounts. We listened, and these options respond directly to that feedback," Kay said.

"These new options provide additional building blocks that advisers can combine with other Brighter Super investment options to build a portfolio suited to each client's needs.

"They also give members another way to access international and Australian share markets, while our existing actively managed International Shares and Australian Shares options will remain available."

She added the options were developed following extensive consultation with external adviser groups, along with market research conducted with Investment Trends, investment modelling, as well as competitor and fee analysis.

"We recognise that members and advisers have different preferences about how investments are managed," Kay said.

"Expanding the menu gives them more ways to put their investment strategy into practice within Brighter Super."

Around 54 million super payments were processed in August, compared with an average of around 25 million a month in 2025-26. July reached 64 million, as employers made their last quarterly payments under the old rules alongside their first payday contributions.

ASFA expects monthly numbers to stay around the August level.

ASFA chief executive Mary Delahunty said the research shows Payday Super is working as intended.

"Payday Super was designed to make sure super is paid at the same time as wages. Two months in, the data shows that is happening for millions of workers," Delahunty said.

"When super is paid sooner, it is invested sooner and earns returns for longer. A 25-year-old on average wages will have around $5000 more in retirement just from more frequent payments. It has also made it less likely that workers will miss out on being paid the super they are entitled to."

ASFA's preliminary estimates show around seven million workers who were paid super once a quarter are now getting it with their wages, mostly weekly or fortnightly. A further two to three million are likely to have moved from monthly payments to weekly or fortnightly.

ASFA said small businesses were the most likely to pay super quarterly, so their employees are seeing the largest change.

"Younger Aussies, tradies, and hospo staff are among the workers most likely to miss out on super because of unpaid contributions. They are the people Payday Super was designed to protect," Delahunty said.

"Under the quarterly system, workers often noticed missing super four to six months after they earned it.

"By then the business may have gone into liquidation, and the super may never be recovered. Employers now have seven business days after payday to get super into a worker's fund, so a missed payment can be identified within weeks, not months."

Conducted by YouGov for Australian Retirement Trust (ART) with a sample size was 1011 adults, the research found support was strong among both women, at 71%, and men, at 58%.

Sixty seven percent said support should include super contributions while people are caring, rather than relying on Age Pension support in retirement.

"Super is helping Australians retire confidently. But time out to care for someone isn't paid, and it doesn't build super. In many cases this care is done by women, and it's a big part of why they retire with less," ART acting chief people and impact officer Anne Fuchs said.

Women are three times more likely than men to take on unpaid caring, and more than 70% of people who step out of paid work to provide intensive care are women. Women have around $50,000 less super than men at retirement age.

The research found 81% of Australians with super name time out of paid work to care for children or other family members as one of the top three reasons women retire with less super than men.

Fuchs said closing the gap was not just an issue for women.

"What this shows is that Australians recognise the impact unpaid care can have on retirement savings," Fuchs said.

"There's a lot an individual can do, but closing the gender super gap should not be left to women and their families alone."

Further research by Global X found Australia risks sidelining a generation of women currently building their financial resources, as female investors are more than twice as likely as male investors not to understand how the federal government's proposed capital gains tax changes will impact them.

"The tax changes announced in the Federal Budget back in May are having a more significant impact on women than they are on men. The CGT changes in particular are difficult to understand, and only create an additional barrier," Global X ETFs Australia portfolio manager Jessica Leung said.

"The policy matters particularly for women, who make up a greater share of lower-income earners. From July 2027, some Australians could face a 14% marginal tax rate on their employment income but a minimum 30% tax rate on their real capital gains, that's more than twice the rate."

This comes as national research shows over half of the population doesn't have a formal financial plan.

The research also revealed Gen X is the least prepared generation with just 37% having a plan, despite being the closest to retirement, Equip Super said.

The super fund said it is hoping having Courtney as an ambassador will encourage younger Australians to take their financial future seriously.

"When I came back to Australia in my early 20s, I met with a financial adviser through a recommendation from some of the older guys I knew. They gave me some pretty direct advice about planning for the future, and I'm very thankful I listened to it," Courtney said.

"I'm probably more engaged with my super than most people, I check it every day. But for me, it's always been about thinking ahead and making decisions now that give you more options later.

"As I've gotten further into my career, I've become even more grateful that I started thinking about these things early. In the last few years I've had younger teammates and I've tried to pass on some of the advice people gave me when I was their age about planning ahead."

Courtney's experience reflects a broader challenge identified through Equip Super's Financial Security Index, which found more than half of Australians (54%) do not have a formal financial plan in place.

Equip Super chief experience officer Carrie Norman said Courtney's experience made him a strong fit for helping Australians to prepare their financial future.

"James has spent his career in an environment where preparation matters, and he has applied that same mindset away from the track," Norman said.

"He sought advice early, stayed engaged with his super and planned ahead for the next stage of his career.

"That's an important message for Australians: you don't need to wait until retirement is around the corner. Engaging with your super and seeking guidance early can give you greater clarity and more choices over time."

Courtney's appointment comes as the fund extends partnership with the Repco Supercars Championship to the remainder of the 2026 championship series across broadcast, digital content and live events, including major fan activations at the Bathurst 1000 and Gold Coast 500.

It includes the Equip Super Cool Down Lap Podcast, pre-race digital series Pit Lane Preview, hosted by Courtney, and the Super Movers broadcast integration, which recognises drivers making the greatest progress through the field.

Norman said the extended partnership would allow Equip Super to reach a highly engaged national audience while creating new ways to make conversations about super and retirement more accessible.

"Superannuation can often feel like something people will deal with later. Through James and the broader Supercars partnership, we have an opportunity to make those conversations more relatable and encourage people to think about what being prepared for their own future looks like," Norman said.

Rainmaker information analysis of 40 superannuation funds found the average proportion of assets managed internally increased from 9.3% in 2019 to 22.1% in 2025.

The shift was most pronounced across liquid asset classes, where larger funds have increasingly built the sale and capability to manage investments directly.

Cash recorded the largest increase, with the proportion of assets managed internally rising by 26 percentage points over the period, followed by Australian equities, which increased by 21.6 percentage points.

Internal management also increased across Australian fixed income, infrastructure, internal fixed income, and property. Private equity, however, continued to rely heavily on specialist external managers.

Rainmaker Information associated director research, Camille Schmidt said the trend reflected the growing capabilities of large super funds.

"The research shows internalisation is a defining feature of Australia's superannuation sector, although the trend is far from uniform across all asset classes," Schmidt said.

"Growing scale is allowing some funds to bring more investment capability in-house, particularly in areas where they believe direct management can improve efficiency and member outcomes."

Despite the shift, external managers remain an important part of superannuation investment strategies. Rainmakers' analysis of around 8400 mandate relationships found external mandates typically lasted around 2.9 years.

Schmidt said funds were increasingly taking a selective approach to deciding what capabilities to retain internally and where to use external expertise.

"While the trend towards in-house asset management is expected to continue, the emerging model is selective internalisation across both public and private markets, combined with external managers where they provide differentiated expertise, access, capacity or risk diversification," Schmidt said.

For institutional managers, the shift is creating a more competitive mandate market.

"Winning and retaining mandates will increasingly require managers to demonstrate capabilities that super funds cannot readily, or cost effectively develop and maintain in-house," Schmidt said.

She said managers would need to demonstrate scale, specialist capabilities, and sustained performance to deliver value as super funds become larger and more sophisticated.

The comments follow One Nation's proposal offering Australians paying rent or a mortgage 3% of their compulsory super contributions directly to them for up to three years.

The SMC argues there are more politicians tempering with the super sector to "solve other policy problems".

"Super has one job: to grow Australians' retirement savings to deliver them the strongest possible retirement income by investing only in members' best financial interests," SMC said.

"Australians are crystal clear that their super should only be invested where it can deliver them the strongest possible long-term risk-adjusted returns."

SMC chief executive Misha Schubert said the super funds make these investment decisions independently of governments "for very good reason", lambasting Farrell's comments.

"Comments like these are ill-informed and ill-advised. Super funds invest completely independently of governments for very good reason - they invest only in the best financial interests of their members," Schubert said.

"The role of super is to deliver the strongest possible investment returns for members. It is not the job of super funds to solve other policy problems - nor should it ever be."

Meanwhile, the Association of Superannuation Funds of Australia chief executive Mary Delahunty provided a moderately-toned response, stating she was opened to discussion on investment opportunities so long they benefit members.

"Super funds invest in a diverse range of sectors across the world. Whether it is Canadian airports, British energy infrastructure, or American farming, if an investment opportunity offers good returns for working Australians, super funds will likely be interested in exploring it," Delahunty said.

"Every super fund independently assesses any investment opportunity on its financial merits.

"While the idea reported today has not been raised with the superannuation sector, we would welcome a discussion with the government on it. Our sector is always on the lookout for new opportunities for funds to bring good financial returns home to Australian savers."

She reiterated SMC's argument that super fund's obligation is to act in the best financial interests of its members.

"Super funds' investments often do support the nation's trade interests; that is a byproduct, not a purpose, of investing well for members," she added.

"The US is the largest destination for super funds' international investments. America's vast and diverse markets offer good opportunities to invest for members' gain. Engagements such as the Australian Superannuation Investment Summit in the US have helped to identify these opportunities."

The changes, reflected in HESTA Super's updated 30 September Product Disclosure Statement, show investment fees and costs for the default MySuper Balanced Growth option, where most of the fund's more than one million members are invested, have fallen 10%. Over the past four years, investment fees and costs for the default option have dropped by more than 28%.

Investment fees and costs for the Balanced Growth option have been reduced from 0.58% to 0.52%. Over the past four years, these fees have fallen from 0.73% to 0.52%.

HESTA chief executive Robbie Campo said the changes reflected the fund's ongoing commitment to delivering value for its members as it continues to grow.

"In an environment where costs are rising across the economy, we're very pleased to have been able to again lower what members pay. Every dollar we save our members in fees is a dollar that stays invested and keeps working for their retirement," Campo said.

"Alongside lower investment costs, we've also reduced insurance and income stream account fees this year so members at all stages of life can see the benefit. In some cases, members will be paying hundreds of dollars less in total fees compared to last year."

HESTA chief investment officer Sonya Sawtell-Rickson said the reduction in investment fees was the result of the continued focus on ensuring members can benefit from HESTA's scale, internalisation and long-term partnerships.

"This is the fourth straight year of lower investment fees for members in our default product, supporting future retirement outcomes. As we grow, we're proud to reduce what members pay while maintaining a portfolio designed to perform across market cycles," Sawtell-Rickson said.

"That combination of strong, long-term returns and disciplined cost management can make a meaningful difference to the retirement balances of our members."

For a HESTA member with an indicative $80,000 balance invested in Balanced Growth, the latest reduction is worth around $48 a year. On top of the reductions over recent years, the member benefit is worth approximately $168 a year, compared with investment fees and costs disclosed four years ago at 30 September.

Four of HESTA's five ready-made diversified options also saw a reduction in investment fees. Investment fees and costs for members in High Growth have fallen from 0.72% to 0.55%, for Sustainable Growth from 0.75% to 0.50%, and Conservative from 0.40% to 0.37%. Investment fees for Indexed Balanced Growth, one of the fund's lowest-cost options, edged up from 0.08% to 0.09%.

Changes also apply across most of HESTA's Your Choice investment options. Fees and costs for International Shares have been reduced from 0.29% to 0.21%, Diversified Bonds from 0.32% to 0.25%, and Australian Shares from 0.23% to 0.22%. Fees and costs for Property and Infrastructure have risen slightly from 0.94% to 0.96%, as have fees for Cash and Term Deposits, from 0.03% to 0.07%.

The annual member administration fee will fall 23% from $78 to $60, reducing the fixed cost from $1.50 to $1.15 a week for eligible members.

Investment fees and costs will also fall across MLC Super's MySuper and Simple Choice options, with reductions of up to 0.07 percentage points a year.

MLC Super's flagship MySuper Growth portfolio, its largest option by funds under management, will see its investment fee fall from 0.69% to 0.67%, a year. The MLC High Growth option will also fall, from 0.85% to 0.83%.

Members invested in some MLC Fixed Interest and Property options will also see lower buy-sell spreads, with Fixed Interest spreads falling to 0.10% for both purchases and sales from 0.15% and 0.20% respectively.

Property spreads will fall from 0.30% for both purchases and sales to 0.20%.

MLC super chief executive Dave Woodall said the changes were intended to leave more members' money invested for retirement.

"We've reduced the headline fee, brought down a range of investment costs and made it cheaper for members to transact," Woodall said.

"Every dollar a member doesn't pay in fees is a dollar that stays in their account, compounding over their working life, to help grow their superannuation balance and give them confidence in retirement."

MLC super said most members would save $18 a year in administration fees, while a member with a $250,000 accumulation balance invested in MLC MySuper would save an average of $68 a year.

The changes will also simplify how members and employers make contributions, with members moving to direct debit and PayID, while employers will use Superstream.

"Confidence in super is built on people understanding what they are paying, what they are invested in and what it means for them," Woodall said.

"Collectively, these changes improve value for members while reinforcing our commitment to maintaining a competitive, efficient and contemporary product suite."

EQT said the board concluded the offer price from both firms do not adequately reflect the value of the trustee.

BGH Capital has offered to acquire 100% of the outstanding shares in EQT at a price of $24.75 per share. This is at a 20-cent premium over TPG Global offer of $24.55 per share.

"The board had offered each party the opportunity to receive some substantive non-public information to enable each party to put forward an improved proposal for consideration by the board," EQT said.

EQT has sent a confidentiality draft to both firms as the information provided is non-public information.

"The company notes there is no certainty that the proposals will result in a formal binding offer for EQT or that any transaction will eventuate," EQT said.

Both TPG and BGH said the indicative offer price will not be reduced by the FY26 final dividend of 20 cents per share. Both have also confirmed the offer is not conditional on Equity Trustees exiting from its superannuation trustee business as well as the ASIC litigation currently ongoing in the court.

Equity Trustees attributed a "shifting regulatory environment, higher operating costs and the evolving risk profile" as reasons to exit the super trustee business.

ASIC proceedings into Equity Trustees alleges failures in care, skill and diligence concerning the decision to allow members to invest in the First Guardian Master Fund and Shield Master Fund.

Both collapses have led close to $143 million in losses to members in funds under Equity Trustees' trusteeship.

Equity Trustees continues to defend its position noting it was responsible entities, advisers and third-party research houses responsible for the failure, and has declined to pay back member losses.

Australian Ethical, Bloomberg, the Centre for Corporate Health (CFCH), Commonwealth Bank and Oak Hill Advisors have joined ASFA as new members in 2026, broadening the range of organisations represented by the industry body.

ASFA said the growth in membership reflected the diversity of Australia's superannuation sector and the value of bringing a wider range of perspectives into industry discussions.

"The ongoing expansion of our membership is a clear reflection how diverse Australia's superannuation sector truly is," ASFA said.

"When more organisations have a seat at the table, the result is stronger representation, richer collaboration, and a more capable industry overall."

The new members span several areas of the broader superannuation ecosystem, from investment management and financial data to banking and workplace mental health.

CFCH said its membership would provide an opportunity to contribute expertise around workplace mental health and psychosocial risk.

"We're delighted to be joining ASFA and the broader superannuation community," the organisation said.

"We're looking forward to sharing practical insights on workplace mental health and psychosocial risk, contributing to ASFA's professional development content and connecting with members at the ASFA conference."

The expansion comes as superannuation continues to play a central role in retirement outcomes, with ASFA's latest Retirement Standard finding a comfortable retirement costs a homeowner couple $1513 a week, while a single homeowner requires $1075.

ASFA chief executive Mary Delahuntry said the Age Pension provided an essential safety net but was not intended to fund the retirement lifestyle many Australians aspire to.

"It was never designed to fund the kind of lifestyle in retirement that most Australians aspire to. Super is the difference between watching every dollar and having a sense of financial security in retirement," she said.

One Nation is proposing to give Australians paying rent or a mortgage the choice to take one quarter of their future compulsory super contributions as a tax-advantaged 3% pay boost for up to three years.

If Australians opt-in to the boost, 9% of their super will still go into their funds, and they can receive 3% of it directly for up to three years.

However, research by SMC showed taxpayers would have to fund an extra $14,000 in lifetime Age Pension payments for every median full-time worker aged 25 for three years under One Nation's policy.

Additionally, a median full-time worker in the same condition would be $25,000 poorer by retirement. For a couple it would be around $50,000 worse off.

"One Nation's policy will not only make Australians poorer and fuel inflation, quickly wiping out the value of any super you withdraw. Now we can see it will also leave taxpayers on the hook for up to double the amount of super that's taken out," SMC chief executive Misha Schubert said.

"And that higher bill to taxpayers in Age Pension costs will make it harder to fund the services struggling Australians rely on - hospitals, medicines, schools, roads, and drought and flood relief."

Australia is on track to have the lowest pension spending in the OECD, but that trend could be reversed if the policy became law, SMC said.

"With other nations threatening to be sunk by rising pension costs due to ageing populations, it makes no sense for Australia to follow them down that costly path," Schubert said.

"The policy would also mean more of people's super would need to be shifted into short-term liquid investment options that generate lower returns, further weakening people's super."

For a single homeowner, it costs $1076 a week.

The full Age Pension covers around 60% of a comfortable retirement for a couple and around 56% for a single.

"The Age Pension is a social welfare net that guarantees no older Australian has to live in poverty," ASFA chief executive Mary Delahunty said.

"It was never designed to fund the kind of lifestyle in retirement that most Australians aspire to. Super is the difference between watching every dollar and having a sense of financial security in retirement."

ASFA provides three levels of budget for retirees for a comfortable, modest and Age Pension-only retirement. The three levels differ little on essentials like food and utilities, while it is the discretionary spending that makes life comfortable.

"At the comfortable level, a couple can afford top-level private health insurance, eat out most weeks, take a domestic holiday each year and an overseas trip every few years. They can run a good car that is regularly serviced," Delahunty said.

"At the modest level, health cover is basic, probably a hospital plan only, holidays are domestic only, and you eat out very occasionally. On the Age Pension alone, most of these things drop out of your budget entirely."

New research by YouGov for Australian Retirement Trust (ART) showed 81% of participants with super would likely spend part of their retirement travelling around Australia if money and health weren't barriers.

"Australians want the freedom to enjoy their time, explore the country and stay connected with family and friends," ART executive general manager of advocacy and impact Anne Fuchs said.

"For many people that means seeing more of Australia at a slower pace, with the flexibility to decide where the road takes them."

However, 65% of Australians with super see the rising cost of living as a concern.

"Retirees are among the groups hit hardest by the cost-of-living crisis because their budgets are weighted towards the things going up in price the most," Delahunty said.

For homeowners aged 65 to 84, the comfortable retirement budget rose 0.5% for couples and 0.4% for singles in the June quarter.

The research found general enquiries have fallen from 34% to 28% based on members' contact reasons, while enquiries about contributions, insurance and consolidation have increased year on year.

Members also reported high satisfaction across most enquiry categories, including an 89% satisfaction rate for contributions. Complaints and disputes were a notable exception, with just 64% of members satisfied.

CoreData's 2026 Member Engagement research found value for money, stability and reputation and trustworthiness are the most important factors when members choose a fund, ranking ahead of competitive pricing and investment performance.

The research also found a clear link between trust and loyalty. Among members who have complete trust in their fund, just 21% said they were likely or very likely to switch, compared with 61% among those with a complete lack of trust.

However, actual switching remains relatively uncommon, with 9% of members reporting they had changed funds in the past two years. Some 26% said they were likely to switch to another fund, while 27% who would consider an SMSF has remained unchanged since 2024.

Members considering a switch were younger on average and more likely to work full-time, use a financial adviser or hold an SMSF. The leading reasons for switching included wanting greater control, dissatisfaction with fees and dealings with accountants.

The research also found strong demand for expanded fund services, with 37% of members saying they would take up retirement planning and financial advice if offered. Super guidance, insurance and retirement living support also attracted significant interest.

CoreData conducted the research between June 25 and July 16, surveying more than 1000 members and comparing the results with longitudinal data dating back to 2022.

Each super fund was slapped with two infringement notices totalling $39,600 after ASIC identified "alleged false or misleading representations about their superannuation investment options during a review of disclosures on superannuation trustees' websites." The total amount was $118,800.

From 10 July 2025 to at least 15 October 2025, ART represented in its online member portal that its unlisted assets investment option was invested 100% in unlisted assets and alternatives.

ASIC found that about 5% of the option was invested in listed property and/or listed equities.

AMIST's website and Member Outcomes Assessment Summary showed that its alternatives option was invested entirely in private equity for the period between 9 July 2025 and 19 September 2025.

However, international shares made up a significant portion of the option, ASIC said, accounting for 41.12% of assets at the end of August 2025.

TelstraSuper, which is now known as Tetra Servicing and officially became part of Aware Super in April, stated on its website that its property option used a seven-year time horizon to set and measure its return objective and had a long-term strategic investment mix of 62.5% growth assets and 37.5% defensive assets.

The option instead used a 10-year time horizon and a long-term strategic investment mix of 67.5% growth assets and 32.5% defensive assets.

ASIC said this information was correctly stated in its investment guide, which formed part of the PDS and was linked from TelstraSuper's website, but the corresponding website representations were inaccurate. The offending period was from 16 July 2025 to 16 March 2026.

ART and TelstraSuper have already paid the fine. Australian Meat Industry Superannuation (AMIST), the trustee of Australian Food Super, has agreed to pay the amounts payable.

"Payment of an infringement notice is not an admission of guilt or liability," ASIC said.

This action forms part of the regulator's duty to hold superannuation trustees to account for member services and disclosure failures and to reinforce the importance of accurate and consistent investment disclosures.

"Getting these basics right is fundamental," ASIC commissioner Simone Constant said.

"Trustees should regularly review their disclosures to ensure they are current, accurate and consistent with how investment options are actually managed. Where we identify misleading conduct, ASIC will not hesitate to take regulatory action," she said.

Commissioned by the Super Member Council (SMC) and conducted by ACIL Allen, the research surveyed around 2000 Australians aged 60 or over.

New South Wales will see the biggest super spending of $44.5 billion this year, supporting close to 181,000 jobs. The state of Victoria will spend $28.5 billion, supporting 123,000 jobs.

The research also found the super system supports retirement spending worth double that of the Age Pension each year, significantly lifting retiree living standards and their spending power.

"Australia's super system is a great economic success story," SMC chief executive Misha Schubert said.

"It is giving millions of Australians much stronger financial security in retirement, with more money to live on - and their higher spending strengthens the broader economy, supporting jobs and businesses in communities nationwide."

Australia's super system has now grown to $4.8 trillion after three decades of compulsory super. In 2025, retirees were paid more than twice as much in super retirement benefits as they received through the Age Pension.

"And their retirement savings - invested and compounded over decades - are now flowing back into the whole economy through super-enabled retiree spending on everyday goods and services," SMC said.

Schubert added the findings reinforced the long-term value of safeguarding and strengthening the compulsory superannuation system on which 17 million everyday Australians now rely.

This comes as the One Nation recently proposed plans to give Australians paying rent or a mortgage the choice to take one quarter of their future compulsory super contributions as a tax-advantaged 3% pay boost for up to three years.

Industry bodies and an economist have criticised the plans, warning the policy would fuel inflation and leave workers significantly poorer in retirement.

"Every time a retiree uses their super savings to buy groceries, pay a utility bill, visit family, take a holiday, or make a long-awaited home improvement, their spending helps power Australian jobs and support local businesses," Schubert said.

"Those benefits ripple through communities large and small, from our biggest cities to regional and rural Australia."

One Nation is proposing to give Australians paying rent or a mortgage the choice to take one quarter of their future compulsory super contributions as a tax-advantaged 3% pay boost for up to three years.

If Australians opt-in to the boost, 9% of their super will still go into their funds, and they can receive 3% of it directly for up to three years.

"People are working hard and still struggling to get ahead. Interest rates keep rising. Rents keep climbing. Groceries, power bills, petrol and insurance are taking more and more out of the family budget," One Nation senator for Queensland Pauline Hanson said.

"One Nation wants to give people some breathing room."

The Association of Superannuation Funds of Australia (ASFA) chief executive Mary Delahunty noted allowing people to access super early would be "economically disastrous".

"This policy would push up inflation and make people poorer in retirement.  It's as simple as that," Delahunty said.

"Most Australians understand the basic economics. When you pour more money into a high-inflation economy, it makes everything more expensive. This proposal would not alleviate the cost of living; it would drive the cost of living higher."

ASFA polling showed that cutting the super guarantee is extremely unpopular with Australians, with only 18% of people approving of cutting super to 9%, even if the remaining 3% is taken as wages.

Modelling by the Super Members Council (SMC) showed a median full-time worker withdrawing 3% of contributions for three years would be $25,000 poorer by retirement. For a couple it would be more than $50,000 worse off.

"It is unfair to ask everyday working Australians to sacrifice their retirement savings to fix policy problems they didn't cause, like inflation and the housing crisis," Delahunty said.

"These problems need real policy solutions that build more houses and lower the cost of living, not unimaginative ones that make everything more expensive and force Australians to be more dependent on Centrelink in retirement."

AMP chief economist Shane Oliver said the policy would mean significant long-term cost for little short-term gain. For a 30-year-old, he said early access to super would only cover around 1.8 months of mortgage payments, and if used for deposits it would just drive higher home prices.

"Unfortunately giving people more money to spend won't solve cost of living problems (as lots of cost-of-living relief measures have shown over the last few years)," Oliver said.

"The only solution is to slow spending or demand in the economy in the short term and boost supply (productivity) in the long term (and eating away at super won't help that)."

Treasurer Jim Chalmers said the policy means less money and less economic security for millions of Australian workers.

"This will end superannuation as we know it and make millions of Australians poorer as a consequence. One Nation is anti-super because One Nation is anti-worker. You can't be pro-worker and anti-superannuation," Chalmers said.

"By ending super as we know it, by making Australian workers poorer as a consequence, One Nation is showing once again: this is exactly why One Nation poses an unacceptable and dangerous risk to Australian workers."

Chalmers highlighted Australians already have a provision to access their super in cases of economic hardship.

"One Nation is talking about something very, very different. One Nation is proposing a full-frontal attack on superannuation as a full-frontal attack on Australian workers and their economic security," Chalmers said.

"So, let's be really clear about this. This is not about the usual early access provisions. This is about One Nation not supporting super because they don't support Australian workers."

SMC added "busting open" people's super would also force their super funds to invest differently as their money would need to be invested in short-term liquid options.

"That would damage the long-term returns for all Australians with super, which would mean even those Australians who keep their super intact could have up to $246,200 less super at retirement," SMC said.

This year's Thinking Ahead Institute and Pensions & Investments analysis, which assessed high-level trends in 2025, features 17 superannuation funds that are helping change the face of the world's major pension funds.

ART managed $352 billion (US$234bn) in retirement savings at the time, placing it the 19th spot.

AustralianSuper's $361 billion (US$260bn) assets make it the top-ranking Australian pension fund, inching one spot to 16th from the prior year's 17th placement.

Rest and HESTA, which each manage nearly $90 billion (US$65bn), both moved into the top 100, ranking 96th and 99th respectively.

The Future Fund ranked 25th, while Aware Super took the 37th spot.

CareSuper entered the top 300 following its merger with Spirit Super on 1 November 2024.

WTW senior director of investments Jonathan Grigg said all Australian funds included in the report rose in the rankings, with the exception of State Super, which primarily manages defined benefit assets and has a very different cash flow profile to most Australian funds which are primarily defined contribution.

"While DC assets globally grew significantly faster than defined benefits (DB) assets, this has increased the focus on how DC funds can support their members in retirement. This has been a key area of discussion in Australia over the past year, with both the Australian government and individual funds increasingly focused on delivering better outcomes for members in the retirement phase," he said.

Australia's share of the assets under management of the top 300 funds rose from 4.8% to 5.2% through a combination of strong returns, continued merger activity and the strengthening of the AUD.

Norway's Government Pension Fund sits at the top of the tree with $2.9 trillion (US$2.1tn), followed by Japan's Government Pension Investment Fund with $2.60 trillion (US$1.88tn)

Total assets under management in the top 300 funds increased by 13.4% in 2025, compared to an increase of 7.9% in 2024.

Thinking Ahead Institute director Jessica Gao said: "Scale and consolidation are among the defining industry themes of the moment. Not only are the largest funds getting larger, but organisations are also increasingly pursuing growth beyond traditional M&A through strategic partnerships, which provide access to additional expertise, technology and specialised capabilities."

"Owning a sports team was once seen as an exercise in ego and excess, no different to purchasing a luxury yacht. However, as markets evolve and super funds look for new ways to diversify, some experts are making the case for more strategic investment into our favourite pastimes," Clare said.

In a panel lead by Equip Super chief executive Luke Symons, Emergent Global chief executive Holly Ransom and Deloitte sports practice lead Sandra Sweeney discussed the possible role sports can play in portfolios. Historically, the panel noted, opportunities for Australians to invest into this sector have been limited and super funds have instead opted simply to sponsor teams or venues as part of their marketing.

Currently, Hostplus is one of the largest super funds among its peers on sports sponsorships, which includes the Australian Football League, Richmond Tigers, Gold Coast Suns, and more. Aware Super, Cbus Super, and Equip Super are also heavily involved in various sports sponsorships.

"But with thousands of Australians eagerly attending sports events or watching at home each week, many funds are now looking more strategically at the sector as a means to generate profits and access new markets," Clare noted.

"First movers, the panel said, will be most likely to generate the best returns from this untapped market, but the path forward isn't clear cut."

Although institutional investors will still face "considerable" barriers to entry in the form of strict governance and the potential reputational risks posed by individual athletes' behaviour, they can gain exposure to the sector in other ways, including investing in sporting precincts or technology companies, Clare said.

Validating Clare's statement, APEX, an athletes-backed sports investment firm, noted Australia offers some of the most unique opportunities when it comes to sports investment.

"We look at opportunities globally, including in Australia, where the sports ecosystem is vibrant and diverse. Leagues and teams across the AFL (Australian Football League), NRL (National Rugby League), A-League (soccer), Supercars Championship, and Big Bash League (cricket) all demonstrate strong fan engagement, media rights value, and commercial potential," APEX told Financial Standard.

"Emerging formats, like T20 cricket innovations or new motorsports concepts, are also attracting attention.

"Our focus is on assets that combine live sporting appeal with scalable revenue models and the ability to resonate with both local and international audiences."

Just last month, Swedish giant EQT Group acquired a majority stake in Melbourne Storm, further accentuating the appetite of institutional investors entering the Australian sports market.

Meanwhile, in a global context, Apollo Global Management said sports, as an asset class, is growing at a rapid pace, providing over $3.5 trillion (US$2.5tn) of opportunities emerging from media rights revenue, increasing institutional capital, heightened financing opportunity, and more.

It also formed a specialised sports investment division in September last year.

Since launch, Apollo Sports Capital has swiftly acquired a majority stake in Atletico de Madrid, a first-division football club in Spain, as well as minority stakes in New York Yankees from the Major League Baseball in the US, and Wrexham AFC, which is partially owned by actor Ryan Reynolds.

APRA's newly released statistics for the year ending June 30 showed Australians' retirement savings reaching another milestone of $4.77 trillion.

Industry funds' assets leaped 16% year on year to $1.8 trillion, comprising 38% of the total assets.

SMSFs posted an annual rise of 4% to reach $1.1 trillion in assets, accounting for a 23% market share.

Retail super funds have yet to crack the $1 trillion mark, growing 10% over the prior corresponding period to $933.2 billion.

The retail sector comprises 48 entities versus the industry funds' 19 and the public sector's 10.

Public sector funds grew by 10% over the period to $653.8 billion.

There are only two corporate funds left in Australia - the Mercer Super Trust and Russell Investments Master Trust.

Mercer Super Trust has more than $71 billion in assets under management while the Russell Investments Master Trust has about $11.3 billion.

Deloitte predicts the total asset pool will exceed $12 trillion by 2045, with more consolidation and mergers eventuating.

Twelve "mega-funds" each with assets of more than $100 billion are set to dominate within the next few years.

As for corporate funds, the study forecasts the remaining two will eventually move into public offer industry funds or retail master trusts that are already or have become aligned with their industry or provide the flexibility to maintain their bespoke insurance arrangements.

Public sector superannuation funds on the other hand will "continue to grow over the coming years, albeit at a slower pace and increasingly concentrated in accumulation rather than retirement assets," Deloitte said.

"While public sector funds will continue to benefit from ongoing contributions for active members, their overall asset growth is expected to moderate as mature membership profiles, benefit payments and scheme specific funding arrangements increasingly offset inflows."

The Public Sector Superannuation Scheme, Military Superannuation & Benefits Fund No 1 and CSS Fund are some of the biggest government funds.

Hejaz Islamic Super had 2600 members and more than $98 million in retirement savings at the end of March, based on APRA's most recent statistics.

On June 12, members' money was moved to cash and investment switching ceased.

Hejaz Islamic Super will cease accepting any contributions or transfers on September 30.

The Hejaz Islamic Division, which operates the pension and super accounts, is set to cease as soon as practicable after underlying investments have been redeemed and members' benefit entitlements have been paid or transferred to another fund as nominated by each member.

Hejaz Islamic Super and Pension are a division of AMG Super or what is now known as Acclaim Super.

As trustee, Equity Trustees is responsible for managing and operating AMG Super including the Hejaz Islamic Division and its investment options.

The super and pension products were invested in the Hejaz Income Fund and the Hejaz Global Ethical Fund. The Hejaz Property Fund was wound up on June 30.

In 2023, Hejaz introduced the first-ever Islamic pension product, alongside a new super offering, advancing its commitment to offer comprehensive wealth services tailored for the Muslim community in Australia.

Hejaz chief executive Hakan Ozyon wrote to members, stressing the decision does not affect the broader business and the group's investment, lending and international expansion plans remain on track.

Furthermore, he said closing the products was a "consequence of circumstances outside Hejaz's control" and was specifically due to the strategic decision by trustee, Equity Trustees, to exit the superannuation sector.

"This is not a decision Hejaz sought, nor is it reflective of the performance, strength or viability of the broader Hejaz Group," he said.

In June, Equity Trustees announced it is ditching the super trusteeship business via its subsidiary Equity Trustees Superannuation Limited (ETSL), after facing continued scrutiny over the Shield and First Guardian collapses.

ASIC is going after Equity Trustees on a number of fronts, which include alleged failures of care, skill and diligence concerning the decision to allow members to invest in First Guardian and Shield.

Equity Trustees contests Ozyon's reasoning."The decision as trustee of AMG Super to close the Hejaz Islamic Super and Pension division was taken to protect the financial interests of members and followed ongoing oversight and review of the governance and operational framework of the Hejaz Division, in line with our responsibilities. The review commenced in August last year and the decision to close those funds to new members has no connection to Equity Trustees' proposed exit from its Super Trustee Services business," an Equity Trustees spokesperson said in a statement to Financial Standard.

Equity Trustees recently concluded a  review of the Hejaz Islamic Division, including its investment options and promoter arrangements.

"At the time this review commenced (on or around August 2025) the division has been closed to new members and the Hejaz Islamic Super and Pension PDS has not been available. However, existing members have been able to keep using the member portal, make contributions, and access other services as usual (as this was considered to be in the best financial interests of existing members). The trustee has determined this is no longer in the best financial interests of existing members," a significant event notice read.

In a statement to Financial Standard, Ozyon said: "Importantly, Mercer also conducted an independent governance review of Hejaz, which was completed approximately seven weeks ago. That review did not identify any major governance issues. It was following the completion of the Mercer review that EQT advised us that the Hejaz superannuation funds would be closed."

"The sequence of events is important. We had recently undergone an independent governance review without any major governance concerns being identified, yet shortly afterwards EQT determined that our superannuation funds would be closed. The timing of EQT's decision also created a significant commercial and operational issue for Hejaz because it did not provide us with sufficient time to identify, undertake due diligence on, negotiate with and transition to an alternative trustee. Had adequate notice been provided, we would have had considerably greater opportunity to protect continuity for our funds and members."

Hejaz's 10 other investment funds, such as the High Income Active ETF, Sukuk Active ETF and Global Ethical Fund, are not affected, as is its lending division.

Furthermore, Ozyon said the group is expanding.

In April 2025, the company announced it received $181.8 million (€100m) in funding from an unnamed UAE-based private wealth group to scale its Sharia-compliant offerings with the cash injection supporting growth in property, auto, commercial and development loans.

"Through Hejaz B.S.C., we have been granted a Category 1 Investment Business Licence (Asset Management) by the Central Bank of Bahrain, providing Hejaz with an important, regulated platform from which to develop investment products and services for the Gulf and broader international Muslim market," he said.

The Halal Money platform is set to expand, while Wahda, an app that brings together communication, social interaction, communities, Islamic tools, events and entertainment, will progressively include payments, games and other digital services.

Ozyon went on to write: "For more than a decade, Hejaz has been committed to providing the Muslim community with high-quality, Sharia-compliant investment and financial solutions. We have built our business around a simple principle: Muslims should have access to sophisticated financial products without having to compromise their faith or values. That commitment has not changed, and it will not change."

"Our community has worked too hard to build credible Islamic financial institutions for misinformation to undermine that progress," Ozyon said.

"Hejaz will always be transparent with our investors and our community. Where there is genuine criticism, we will listen to it. Where improvements are required, we will make them."

Editor's note: This article was updated at 3pm.

As trustee, Diversa Trustees told investors the move reflects the rising costs and compliance obligations of running the PST and the intention by APRA to close or merge smaller funds.

Kaplan Funds Management, as investment manager, applied an absolute-return and income-focused approach, alongside a value and risk-averse focus.

The PST predominantly invested in listed Australian and, at times, in New Zealand-listed securities.

It was benchmarked against the S&P/ASX 200 Accumulation Index and aimed to achieve at least 3% per annum above inflation as over each rolling three-year period.

The PST terminated on June 15. It ceased accepting new applications and redemptions from March 31.

The fund was incepted on 5 February 1999 and has returned 8.14% p.a. after fees and taxes from that time, underperforming the index by 0.30% p.a.

In the year to May, it returned 7.2% p.a. versus the benchmark's 6.89% p.a.

Equity Trustees terminated another fund offered by Kaplan Funds Management in 2023, saying its purpose could no longer be accomplished.

The KFM Income Fund sought to provide returns greater than the 1-Year Bank Bill Swap Rate plus 4% while investing in ASX-listed securities.

Kaplan was founded in 1998 and currently has about $800 million in funds under management.

Kaplan's wholesale strategy, the Kaplan Equities Fund, aims to outperform the ASX 200 Accumulation Index with relatively less volatility, using an absolute-return approach to investment over the medium- to long-term.

The Kaplan Equities Fund has $86 million in assets under management and has returned 8.26% p.a. since it was incepted in 1998, underperforming the benchmark by 0.39% p.a.

It performed better in the year to July, achieving 8.14% p.a. compared with the benchmark's 6.01% p.a.

One MySuper product and 11 trustee-directed products (TDPs) failed out of a pool of 547 superannuation products APRA assessed. Seven products failed last year's test.

It is a first for BUSSQ's MySuper product. It is also the lone industry fund to make the failures list.

BUSSQ returned 7.04% p.a. and underperformed the benchmark by 0.57% p.a.

BUSSQ chief executive Damian Wills said the fund has taken the result seriously and has been focused on improving outcomes for members.

"We acknowledge and understand the importance of the performance test in providing transparency for members. It does not affect the security of members' savings, and our Balanced Growth MySuper product remains open to new and existing members," he said.

BUSSQ has $7.4 billion in assets with nearly $6.5 billion of this amount invested in the default strategy.

This was the only one of 50 MySuper products tested to have failed, the first failure since 2023.

Eleven out of a total of 141 TDPs failed the test. Five of these failed for at least two consecutive years.

Appearing on the list for the first time, Insignia Financial's options - MLC MultiActive High Growth and MLC MultiActive Geared that sit in three super funds offerings - failed the test. The three super funds are the IOOF Portfolio Service Superannuation Fund, Oasis Superannuation Master Trust and Retirement Portfolio Service.

"These options are specifically designed for members seeking higher growth and, as a result, have greater exposure to share markets, particularly high-growth equities. While that approach can deliver strong long-term outcomes, it may not always align perfectly with the benchmarks used in the performance test," an Insignia spokesperson said.

"While we fully support the objective of helping Australians compare superannuation products, this outcome highlights some of the limitations of applying the performance test to specialised investment options on wrap platforms."

The good news for Insignia is that its MLC Wholesale Horizon 2 Income Portfolio is now reopened to new members. The option, which sits on the Expand Essential Super and Extra Super Menu, previously clocked up two consecutive failures.

For the second consecutive year, Betashares' Bendigo Superannuation Plan's Balanced Wholesale Fund and High Growth Index Fund, failed the test.

The Bendigo Balanced Wholesale Fund returned 6.31% p.a. over a decade but underperformed by 1.09% p.a.

Betashares finalised its acquisition of Bendigo Superannuation for an undisclosed amount in 2024.

Three of AMP's options - North Guardian Balanced Fund, North Guardian Growth Fund and North Guardian Moderately Defensive Fund - also lagged their benchmarks by between 1.39% p.a. and 1.76% p.a.

"It is widely acknowledged that the test as it applies to platform products is not delivering outcomes in the best interests of Australians. The fact that capital guaranteed investments, which are achieving their clearly defined risk and return objectives, have not passed demonstrate the shortcomings," an AMP spokesperson said.

"We will continue to advocate for reforms that ensure the test achieves its objectives, including a benchmark which reflects the wider platform market."

APRA chair John Lonsdale said this year's results show pockets of underperformance remain and reinforced the need for trustees to take timely and effective action.

In addition to the test results, APRA released its inaugural Comprehensive Product Performance Package (CPPP), an analysis of the performance test results with additional measures of investment returns and fees to measure how super products are performing.

The results show administration fees have continued to decline across all product types - but platform TDPs remain materially more expensive, even before considering the costs of any personal financial advice.

The CPPP also shows platform TDPs have higher rates of underperformance over 10 years when compared against other product types.

About $1.3 trillion of retirement savings sit in MySuper options, with $473.9 billion in non-platform TDPs.

Platform TDPs represent less than 5% of the broader platform sector with $21.3 billion in assets.

"Lower administration fees can make a meaningful difference to members' retirement balances by supporting higher net returns," Lonsdale said.

"APRA expects trustees to maintain a close focus on administration fees and fund performance in the best financial interests of their fund members."

Betashares did not respond to Financial Standard's request for comments.

The Retirement Bonus feature, once effective, will provide eligible members up to $14,700 when they move into a UniSuper Flexi Pension. It is automatically applied when a member's Flexi Pension is activated.

The funds will be directly inserted into their account, depending on their account balance and investment options.

The new bonus adds to the halved administration fee on Flexi Pension accounts since 1 July 2026 - from 0.16% to 0.08% - representing savings of around $495 per year for a member in retirement, UniSuper said.

Commenting, UniSuper chief marketing and growth officer Dani Murrie said the bonus will provide members with more confidence in retirement.

"Starting retirement with more is exactly what our members deserve after many years of working. The Retirement Bonus, combined with the fee reduction we introduced earlier this year, means members can move into their Flexi Pension knowing more of their super is working for them from day one," Murrie said.

"This is about helping make retirement easier and more rewarding, if a member is eligible, we automatically calculate and apply the bonus once their Flexi Pension is setup.

"This reflects the strength of our overall retirement offering. Competitive fees, tax-effective income, easy access to tools and calculators, and advice at every level..."

The implementation follows Colonial First State's launch of a similar offering this month. It was flagged when CFS announced its "largest-ever" expansion of its retirement offerings with Challenger, Generation Life, and BlackRock in May.

The class action spearheaded by Slater & Gordon in 2018 alleges CBA and CFSIs breached the trust of their superannuation fund members by investing members' retirement savings with its parent bank even though the bank didn't offer the best interest rates.

The class action targeted three CFS super funds - FirstChoice, Commonwealth Essential Super and the Avanteos Superannuation Trust. Members in the class action were invested in certain cash and deposit options during the period November 2008 and September 2021.

It is also alleged that CFSI/Avanteos breached their duties as a trustee of the funds and CFSI breached its duties as the responsible entity of the underlying managed investment schemes.

CBA as the parent company at the time was also allegedly instrumental in CFS's and Avanteos' breaches.

The three parties deny the allegations.

Today, CBA announced that it "in principle" agreed to settle the class action.

"In agreeing to resolve the proceedings, CBA, CFSIL and AIL continue to deny the allegations and make no admission of liability or wrongdoing," the bank said.

The Federal Court of Australia has yet to approve the settlement sum of $249 million.

CBA completed the divestment of a 55% interest in Colonial First State to KKR on 1 December 2021. This included CFSIL and Avanteos.

Last November, CBA also settled a financial advice class action in in-principle for $22.5 million relating to Commonwealth Financial Planning (CFP), Financial Wisdom and its life insurance business Colonial Mutual Life Assurance Society (CMLA).

Shine Lawyers alleged that CFSI as the superannuation provider, arranged group insurance policies with CommInsure that charged fees that were not in members' best interests. It also alleged that similar, cheaper policies were available through other providers.

Authorised representatives from CFP and FWL were alleged to have breached their fiduciary duties to their clients, breached their duty to act in the best interests of their clients, and had prioritised their own interests over their clients, in recommending certain CMLA life insurance policies in preference over substantially equivalent or better policies available at lower premiums from third-party insurers.

CBA finalised its divestment of CMLA to AIA Australia in 2021.

The platform provider incurred a $71 million post-tax compensation charge for affected members, alongside $3 million in legal and professional fees related to First Guardian.

The cost follows the Federal Court's declaration that Netwealth Superannuation Services and Netwealth Investments contravened the Corporations Act in relation to First Guardian after failing to obtain and assess sufficient information about the fund and make adequate independent enquires into its risks.

Netwealth agreed to compensate affected members in full, with more than $100 million paid to more than 1000 investors in January.

Excluding the First Guardian expenses, Netwealth reported a 20.6% increase in total income to $391.1 million, while EBITDA rose 18% to $192.9 million. NPAT increased 16.2% reaching a record $135.4 million.

Netwealth chief executive and managing director Matt Heine said the business had maintained strong momentum while investing in its platform and governance capabilities.

"FY26 was a strong year for Netwealth. We delivered record funds under administration (FUA), strong gross inflows, continued market shares gains and attractive earnings growth, while maintaining our disciplined approach to investment and execution," Hein said.

Total FUA increased to 20.3% to $135.7 billion while net flows reached $15.4 billion. Client accounts increased 12.4% to 182,276 and financial intermediaries rose 5.9% to 4205.

Netwealth also said it had materially uplifted its investment governance capability during the year, including through its Reviewing Investment Standards and Excellence program.

The platforms market share increased to 9.7% up 98 basis points, while managed accounts FUM climbed to 27.9% to $34.6 billion.

Netwealth enters FY27 targeting FUA net flows of between $18 billion and $20 billion and an EBITDA margin of about 47%, as it expands into private wealth and broking.

Heine said the company remained focused on its longer-term "Dx30" ambition of doubling FUA on the platform over the next four years.

The deal, which remains subject to Australian Competition and Consumer Commission clearance, expands ART's relationship with Scentre following its $864 million acquisition of a 19.9% stake in Westfield Sydney in February.

Scentre will continue to manage Westfield Mt Gravatt, while ART's long-term investment partner QIC will manage its interest in the asset.

ART general manager of mid risk assets Michael Weaver said the centres scale, performance and development potential made it an attractive long-term investment for members.

"At ART, we believe there is opportunity in the retail property market in Australia to generate strong long-term returns for members especially for major assets that have demonstrated resilience," Weaver said.

"Through our partnerships with Scentre Group and QIC, we invest in the communities where Australians live, work and spend time."

Westfield MT Gravatt attracted 17.4 million visitors in 2025 and generated more than $1 billion in total sales last year, according to the companies.

The centre spans 141,700 square metres and comprises 376 tenants, making it one of Queensland's largest retail precincts.

QIC Real Estate managing director Deborah Coakley said the transaction would complement ART's existing retail exposure and strengthen the partnership between the three groups.

"The addition of Westfield Mt Gravatt complements ART's investment in Westfield Sydney and reflects a disciplined approach to investing in assets with proven performance, strategic locations and long-term growth potential," Coakley said.

Scentre chief executive Elliot Rusanow said the transaction demonstrated the group's ability to create long-term investment opportunities for capital partners.

"The group is very pleased to extend our strategic relationship with ART with this transaction which follows their 19.9% investment in Westfield Sydney," Rusanow said.

The investment follows a record $3 billion deployed by ART into Australian real estate during FY26, with the fund also committing a further $2.2 billion.

ART manages more than $375 billion in retirement savings and holds around $188 billion in Australian-based investments.

The fixed administration fee for all retirement products will be reduced by 16.7% to $65 p.a., while the asset-based fee will be cut from 0.23% to 0.18% per annum.

The $108 billion fund will also cut the current $10,000 minimum balance requirement for starting a HESTA income stream for better accessibility, with only a 'residual balance' of $250 required to process pension payments.

The changes mean a HESTA retirement income stream member with a $50,000 balance will see the total of these two fees fall by more than 18% to $170 per year, the super fund said.

The announcement follows the reduction of investment fees last year and an average 12% drop in insurance fees across all cover types delivered on July 1 this year.

Notably, the super fund also introduced an option for members to make a non-lapsing binding death benefit nomination earlier this month.

Commenting, HESTA chief executive Debby Blakey said the changes would make a real difference for members.

"These are significant changes for our members in, or about to enter, retirement," Blakey said.

"We understand the challenges many Australians face in retirement and it's terrific to be able to deliver lower fees at a time when persistent inflation is driving cost-of-living pressures.

"We are also pleased to be able to offer income stream accounts to even more members, so they have the opportunity to take advantage of tax-free investment returns."

HESTA said it is continuing to advocate for changes that support modernising the retirement system, including the ability to top-up income stream accounts.

"We want to support more flexibility in retirement and in line with that focus, continue to advocate for changes that would allow retirees to top up their retirement income streams with money earned from work," Blakey added.

"Right now, retirees who return to work need to open a new super account, which is a needless inconvenience that often comes with a financial cost."

APRA laid out its priorities in its newly published 2026-27 Corporate Plan, firing warning shots at trustees and platforms, in particular, which have been in the hot seat since the collapse of the Shield and First Guardian master funds.

"Trustees offering platforms should expect intensive and risk-based supervisory oversight. This will include ensuring entities currently subject to enforcement action take timely and appropriate remedial action," APRA said.

"APRA will take further supervisory and enforcement action should trustees fall short of meeting their prudential obligations."

Platform trustees and providers can expect more scrutiny. This comes ahead of APRA undertaking work to consult on a proposed package of reforms that takes into account findings from its review of platform providers and lessons learned from the collapse of Shield and First Guardian.

"The impact of the reforms will be most significant for platform trustees, given that investment menus are typically broader, products are more complex, and advisers can play a larger role in selecting and recommending investment options," APRA said.

As previously reported, a key theme for APRA this financial year is investment governance with respect to valuation practices and platforms.

This is part of assistant treasurer Daniel Mulino's newly announced reforms, by which APRA will be given greater oversight to ensure trustees have the financial capacity to meet their obligations under the proposed compensation scheme.

APRA did not provide any details on any changes to the superannuation Performance Test and Comprehensive Product Performance, other than saying the package remains "an important transparency and accountability mechanism."

"We continue to work with government on potential future revisions to the Performance Test," APRA said.

Meanwhile, APRA said cyber security, artificial intelligence and operational resilience would remain in focus following the introduction of Prudential Standard CPS 230 Operational Risk Management.

The standard, which took effect on 1 July 2025, strengthened requirements around operational risk management, business continuity and oversight of material service providers.

APRA said entities should expect more frequent and deeper engagement on cyber and AI risks and must be able to demonstrate how those risks are being managed.

The regulator will also continue reviewing implementation of CPS 230 through prudential and thematic reviews across several industries.

Prior to the announcement, Johnson was a senior portfolio manager at AustralianSuper where he worked in the global internal fundamental equities team for 10 years across the fund's Melbourne and London offices.

During his tenure, Johnson was a co-architect of the internal fundamental equities capability, which he helped design and scale to approximately A$20 billion in assets under management.

Earlier in his career he held global equities research and portfolio management roles at Alliance Trust, Nomura Asset Management and Exane BNP Paribas across London and Paris.

Tom King, Nanuk's chief investment officer, said he was delighted to welcome Johnson to the group. "He is a highly regarded portfolio manager with a track record of alpha generation and deep expertise across a wide range of opportunities relevant to the New World strategy."

King added that the appointment reflects Nanuk's ongoing commitment to clients as the firm grows across Australian and New Zealand markets>

While at AustralianSuper, Johnson also led the evaluation and benchmarking of AI tools used to augment the fund's fundamental research. In his new role, he will bring the same hands-on experience integrating quantitative, alternative data and artificial intelligence tools to the fund's research workflows.

"This is an area of active development for Nanuk as [we] embed LLM-based capabilities into our research process in conjunction with our recently appointed Head of Research, Marco Lo Blanco," the group said in a statement.

Research commissioned by Rest found 43% of members were unsure the steps they needed to take to prepare for life after work, while 61% supported greater integration between super funds and Centrelink to simplify access to the Age Pension.

The findings come as 2.7 million Australians ages 65 and over rely on the Age Pension, including around two-thirds receiving the full rate and one-third receiving a part pension.

Rest chief executive Vicki Doyle said the findings highlighted a disconnect between the two major components of Australia's retirement system.

"Superannuation and the Age Pension are meant to work together, but too often people are left trying to bridge the gap between them," said Doyle.

"When people don't know what steps to take as they approach retirement, it's a warning sign that the two biggest parts of Australia's retirement system aren't working together as seamlessly as they should."

Members aged between 46 and 66 were most likely to describe the retirement system as complex, while women and renters reported lower levels of preparedness. Almost two thirds of renting members said they were unclear how to prepare for retirement, compared with around one third of homeowners.

The findings coincide with separate research from MLC, which found only 31% of Australians believe they will be able to retire when they want to, highlighting the broader impact of retirement uncertainty throughout working life.

MLC Super chief executive Dave Woodall said retirement confidence was increasingly influencing employee wellbeing and workplace experiences.

"Over recent years, it's become clear that retirement confidence doesn't sit neatly at the end of a career, it's built over a working life. And when confidence is missing, the effects start to surface in how people feel, engage and make decisions about work," Woodall said.

"For employees, that framing matters. It shapes how supported they feel at work today, and whether they believe their employer is thinking beyond the immediate."

The report also reveals shifting expectations around financial wellbeing, with 84% of Australians believing that employers should provide access to free or subsidised financial advice.

Rest has called for greater integration between super funds and government services, alongside progress on the Delivering Better Financial Outcomes reforms to give funds greater scope to provide practical retirement guidance.

Doyle said the system needed to do more of the work for Australians approaching retirement.

"People shouldn't have to become experts in superannuation, the Age Pension and Centrelink just to plan for retirement," she said.

The loan comes off the back of APRA hitting Equity Trustees' subsidiary HTFS, the trustee for the HUB24 Super Fund, with additional licence conditions May, concerned about weak, ill-defined and inconsistent investment option selection criteria.

HUB24 said the capital received by the trustee is reserved for the purpose of meeting the ORFR for the fund in accordance with APRA Prudential Standard SPS114 Operational Risk Financial Requirement. This is in addition to meeting enhanced operational risk obligations under CPS 230 Operational Risk Management.

"Funds drawn are reserved for ORFR purposes, and additional drawdowns may occur as needed to maintain or replenish the ORFR in compliance with these updated prudential standards," the company said.

The loan agreement was entered into on an arm's length basis at a fixed interest rate of 10% p.a.

HUB24 Group set up the loan facility that totalled $100 million in FY25 and $5 million was drawn during that period. As at 30 June 2026, $77.5 million was drawn and further tranches can be drawn down to the $100 million limit.

HUB24 is in the process of acquiring HTFS Nominees, which is still subject to regulatory approval.

"As HUB24 Super has grown significantly in scale, and the HUB24 Group has expanded its capabilities, we are now well positioned to bring the trustee function in-house," HUB24 chair Paul Rogan said in the latest 2026 financial year update.

"In anticipation of the transition, the board and management have commenced preparatory work to establish an Office of the Trustee and an Independent Trustee Board, supported by robust governance frameworks aligned to relevant APRA and ASIC standards.

"This important step will support the long-term financial interests of HUB24 Super members, and we will continue to work closely with EQT and regulators throughout FY27 to complete the transition, fulfil all regulatory obligations, maintain best practice governance standards, and ensure the effective establishment of the trustee board, governance processes and resources."

The group is also in the process of appointing an independent chair-elect for HTFS Nominees as a key part of the transition.

Elsewhere, HUB24 chief executive Andrew Alcock said the group delivered an "exceptional" performance for the year.

"In an environment of increasing complexity, evolving client expectations and growing demand for advice, our focus remains on addressing these challenges through solutions that improve productivity, increase choice and flexibility, and enable better client outcomes," he said.

Total revenue for FY26 rose to $501.1 million, up 23% annually, driven by the platform business and consistent revenue growth in Tech Solutions.

Statutory NPAT of $120.2 million jumped by 51%, while underlying NPAT of $137.3 million was up 40% year on year.

Total funds under administration grew to $164.3 billion, which was up 20% on the prior financial year.

SuperAPI, a payroll reg-tech infrastructure provider, revealed how super funds performed during the first month of the new regime, according to its member verification request (MVR) data.

Over the period, SuperAPI processed some 62,000 MVRs to 171 super trustees on behalf of employers each time they hired a new employee.

Notably, 46% of MVRs across its network received a fund response with "member found" during the first month, while 6% were rejected as "no member found". A staggering 48% remained without a response or were unable to be processed at the point of onboarding.

Under the new framework, participating funds are required to respond to an MVR within 24 hours.

However, across all funds, the proportion of MVRs rejected by super funds fell from 11.92% in the first week of July to 3.04% by mid-August - a reduction of approximately 75%.

The firm said this shows industry performance has "improved" since implementation but highlighted uneven levels of preparedness are emerging across the super sector as funds are still adjusting to the new law.

Commenting, SuperAPI chief executive Riley James said the scale of the industry's transition highlighted the importance of having multiple layers of verification embedded into employer workflows.

"Payday Super has introduced a much tighter operating environment for employers, payroll providers and super funds, and the first month shows the industry is still working through some very understandable teething issues," James said.

"MVR is an important new validation step, but it doesn't help an employee who doesn't know which super fund they are a member of.

"The goal has never been to make employers compliant by sending MVRs. It is to make sure employers have the highest possible confidence that contributions will arrive at the right fund, for the right member, on time."

Among the 10 funds receiving the greatest volume of member verifications over the period - which collectively accounted for 55% of member verifications - three were not validating MVRs during the period measured. In the next 10 highest-volume funds, accounting for a further 14.5%, six returned no positive verifications.

James said the results should be viewed as evidence of a system rapidly maturing rather than a criticism of individual funds, and the remaining gaps reinforce why employers and payroll providers should not rely on MVR as a standalone solution.

"An MVR tells you whether the receiving fund can validate a member at that point in time. It does not replace the other checks that should happen during onboarding," James said.

"ATO Stapling, direct fund lookup APIs, and an MVR together create a much stronger validation chain. When those services are embedded directly into payroll and HR software, employers can resolve issues before they become failed contributions or compliance problems.

"This is a shift away from fixing errors after a contribution has failed, towards getting the data right before the money moves."

The result was supported by a 19% increase in annuity sales to $6.2 billion, while total Life sales rose 12% to $9.6 billion. Annuity book growth reached 10.7%, reflecting continued demand for guaranteed income solutions in retirement and aged care.

Challenger managing director and chief executive Nick Hamiliton said the result reflected the execution of the group's strategy and growing momentum across its business.

"Our FY26 result reflects the successful execution of our strategy and the growing momentum across our business," Hamiliton said.

"We delivered strong earnings, increased annuity sales and continued to invest in the strategic priorities that will support Challenger's future growth."

Normalised earnings per share increased 3% to 68.1 cents, while statutory NPAT rose sharply to $506 million from $192 million a year earlier. Normalised return on equity was 11.6%, coming in above target.

Challenger said its retirement strategy had advance through new partnerships with superannuation funds, platforms and advice technology providers, aimed at making retirement income solutions more accessible.

Offshore reinsurance annuity sales reached a record $1.2 billion, up 25%, while the group also launched its $6 billion Challenger Annuity Backed Notes program in July to support annuity book growth and diversify funding.

The group declared a full-year ordinary dividend of 31.5 cents per share, up 7%, alongside a special dividend of 1.5 cents per share.

Challenger also increased its on market share buy-back program to $450 million, comprising the previously announced $150 million program and a further $300 million, subject to market conditions and regulatory approval.

For FY27, Challenger expects core basic EPS of between 45 and 49 cents per share, with the 47-cent midpoint representing a 6% increase on FY26 core EPS of 44.2 cent.

"We enter FY27 with strong momentum and focus on our growth trajectory, reinforcing Challenger's leadership position in retirement income and creating long-term value for shareholders," Hamilton said.

Recently, Cbus also rolled out changes to fund's death benefit nominations, where it offered new non-lapsing binding death benefit nominations allowing members to make them online, effective October 16.

This follows research by Super Consumers Australia (SCA) which found at least 15.5 million Australians may not have a binding death benefit nomination. The Your Say on Super survey showed two-thirds of Australians have not been contacted by their super fund over the past year encouraging them to make a binding death benefit nomination.

"You can only nominate your dependants, your legal personal representative (usually the executor or administrator of your estate), or both. As long as your nomination remains valid, we must pay your benefit according to your nomination," HESTA said.

"Your nomination stays in place until you change it. In circumstances specified by the trustee, such as your nominated beneficiary dying before you, your nomination will not be binding on the trustee."

HESTA added members can make or update non-lapsing binding nominations online, and if the member already has a lapsing binding nomination in place, they will need to cancel it first.

Along with the new option, HESTA continues to offer lapsing binding death benefit nominations, which must be renewed every three years, and non-binding beneficiary nominations.

This is in contrast to Cbus, which will no longer offer non-binding death benefit nominations and removed non-binding nominations listed on member accounts from August 7.

Last October, Cbus agreed to pay $23.5 million to settle the matter brought against it by ASIC in relation to delayed death benefit payments to members. Some members were impacted by delays to death and Total and Permanent Disability (TPD) claims processing, having to wait more than 90 days.

Designed for individuals aged 50 to 80, Allianz Guaranteed Income for Life: Super+ (AGILE Super+) allows clients to invest directly using their super money, without requiring a platform, expanding the product to broader adviser and client market.

Unlike platform-based implementation, clients can rollover their super directly into AGILE Super+, providing advisers with a simple and efficient way to access its guaranteed lifetime income solution.

AGILE Super+ can also accept super investments before a client has met a Relevant Condition of Release, allowing advisers and clients to plan and establish a future guaranteed lifetime income strategy ahead of retirement.

Allianz Retire+ chief distribution and marketing officers Catherine van der Veen and Lucy Foster said the launch is in response to growing adviser demand for access to AGILE beyond the existing platform-based offering.

"Demand for AGILE is up approximately 40% on this time a year ago, with levels of interest and inquiry increasing significantly as the market's understanding of AGILE and similar products develops," the pair said.

"There is no doubt that this segment of the market is a game changer for retirees - especially in a time of volatile markets - and that is becoming much more clearly understood and accepted by advisers.

"The introduction of AGILE Super+ is fundamentally an access and advice story. We're enabling a broader range of advisers to incorporate guaranteed lifetime income solutions into retirement strategies, regardless of the platform they use."

Allianz said AGILE Super+ provides advisers with "income bandwidth" by allocating a portion of their clients' retirement savings to a future guaranteed income stream while maintaining flexibility across the remainder of their portfolio creating a future guaranteed income stream which will grow over time before being activated in retirement.

"As the client's broader portfolio evolves through investment returns and ongoing contributions, AGILE can represent a relatively smaller proportion of total assets while potentially contributing a disproportionately larger level of guaranteed income when switched on," van der Veen and Foster said.

"This layered retirement income approach can help clients feel more confident about spending and enjoying their retirement, knowing part of their future income is secure regardless of market conditions."

Another key component from the offering is the automatic inclusion of the Age Pension+ feature upon meeting a Relevant Condition of Release. AGILE Super+ may assist eligible retirees in optimising Age Pension entitlements through favourable assets test treatment, while continuing to benefit from a guaranteed income stream, which can help improve overall retirement income sustainability.

The automatic application of Age Pension+ distinguishes AGILE Super+ from AGILE, where the feature is elective.

van der Veen and Foster also highlighted the offering can help address the common fear of running out of money in retirement, as many retirees tend to spend less than they can afford, despite having accumulated significant retirement savings.

"Guaranteed lifetime income is not just about securing income. It's about providing retirees with the confidence to use the savings they've worked so hard to accumulate," van der Veen and Foster added.

"By creating certainty around future income, advisers can help clients make more informed spending decisions and approach retirement with greater peace of mind.'"

While there are some differences in features, the solution maintains the core AGILE proposition advisers are familiar with, including investment growth potential; guaranteed income for life; and flexible access to money, Allianz Retire+ said.

As previously mentioned in May, the CFS Pension Bonus is available to eligible FirstChoice members transferring into a new FirstChoice Wholesale Pension, with members automatically assessed and no application or additional paperwork required.

Under the current published rate of 0.80%, a member transferring an eligible balance of $350,000 would receive a Pension Bonus of $2800, which is added to the opening balance of their new pension and invested according to their selected investment options.

CFS Superannuation chief executive Kelly Power said the initiative was designed to provide practical support during the transition into retirement.

"Pension Bonus delivers an immediate financial benefit for eligible members when they commence a pension and removes the need for additional applications or paperwork," Power said.

"It's a simple way of supporting members at an important stage of their retirement journey."

The launch forms part of the CFS's broader strategy to expand its retirement offering, with further solutions planned to help members generate income, manage wealth and navigate retirement decisions.

Power said longer life expectancies were increasing the importance of helping Australians manage their super once they stopped working.

"Australians are living longer and spending more years in retirement, increasing the importance of helping people make the most of their superannuation once they stop working," Power said.

"Our focus is on providing practical solutions that help members move confidently from accumulation into retirement income."

CFS will launch its Retirement Income Optimiser later this year, a FirstChoice capability designed to help improve retirement income outcomes by optimising how assets are assessed for Age Pension purposes.

The group said additional retirement income solutions are planned for 2027 as it continues to expand its retirement offering.

The update was flagged by the manager of the $94 billion fund following a verdict finding two of its policy documents were not formulated in accordance with the relevant statutory requirements.

The updated Statement of Investment Policies, Standards and Procedures (SIPSP), which establishes the framework for the governance and investment of the fund, including the integration of ESG considerations into its investment decisions and the ongoing monitoring of portfolio under ESG issues.

The new policy also processes for engagement with investee companies and, in certain circumstances, excluding securities from the portfolio to reduce exposure to investments with significant ESG risk, Guardians said.

Guardians said it also applies those procedures against the backdrop of "its statutory independence from the Crown, its status as an autonomous Crown entity, and its commercial mandate to invest the fund on a prudent, commercial basis."

That context also significantly mitigates risk to New Zealand's reputation as a responsible member of the world community arising from our investment activities, it said.

Further, the Sustainable Investment Policy sets the UN-backed principles for responsible investment "as our performance benchmark for sustainable investment."

These include policy statements covering the integration of ESG considerations into investment decision-making; active ownership, including prioritisation of activities, portfolio monitoring, engagement, exclusions, participation in class actions, and the retention, exercise and delegation of voting rights acquired through investments (including in the context of securities lending); climate change investment activities and setting reduction targets; and sustainable investment communication and reporting.

The Guardians will review the companies named in the Nazzal proceedings using the updated policy framework and will provide a further update once that process is complete but will require time for "proper consideration".

Commenting, NZ Super general manager corporate affairs Cristina Billett said the new standalone policy clarifies the components underpinning the Guardians' sustainable investment activities.

"Our approach continues to place significant emphasis on integration of sustainable investment considerations into investment analysis and decision-making, monitoring, engagement and exclusions," Billett said.

"Human rights considerations remain integral to the Guardians' Sustainable Investment Policy. Our policy documents now explicitly record our long-standing position that human rights is a key ESG issue for us."

Research commissioned by the Super Member Council (SMC) found two thirds of Australians have either used AI for super and retirement information or would consider doing so, while more than one in three have already used tools including ChatGPT, Gemini and Claude.

Among those using AI, the technology is primarily being used to learn the basics, ask questions and compare options.

However, Australians remain concerned about the privacy, security and accuracy of AI-generated financial information, with many preferring human support when dealing with sensitive financial matters.

SMC chief executive Misha Schubert said the findings highlighted demand for affordable and trusted financial guidance.

"Australians are increasingly turning to AI because they are looking for simple, accessible and affordable help to understand their super and retirement options," Schubert said.

"But people are also telling us they really don't want to rely on AI alone. They want trusted sources of information, strong consumer safeguards, and access to human support and reassurance when making financial decisions that will affect their future."

Nealy half of Australians who use AI said they would verify information directly with their super fund, while others would seek confirmation from government websites, financial advisers or other professionals.

Schubert said the findings strengthened the case for the government to progress its long promised Delivering Better Financial Outcomes (DBFO) reforms.

"Australians shouldn't have their advice options limited to only expensive full-service comprehensive financial advice on the one hand or the Wild West of unregulated AI tools on the other, with nothing in between to serve the needs of 'the missing middle'," she said.

The Financial Advice Association Australia (FAAA) has separately called on the government to prioritise affordable advice, citing a 65% increase in the median cost of financial advice over the past five years to about $4700.

FAAA chief executive Sarah Abood said rising costs were limiting access to advice as Australians faced increasingly complex financial decisions.

"Financial advice has never been more important, but too many Australians simply cannot afford it," Abood said.

The FAAA is calling for sustainable compensation arrangements, stronger protections against predatory lead generation, sensible DBFO reforms and measures to grow the advice profession.

According to FAAA research, nine in 10 advisers expect the CSLR levy to further increase the cost of advice, with the average practice facing a bill running into thousands of dollars per adviser.

"Innocent financial advisers are currently paying these bills, and in many cases are forced to pass the costs on through higher advice fees," Abood said.

"Consumers should not have to pay even more for professional financial advice because of failures by completely unrelated firms and in other parts of the financial services system."

The data also showed a sharp concentration of voluntary contributions around the end of the end of the financial year, with May and June accounting for 19% of contributions by number but 42% of their total value.

Average contribution amounts more than doubled during the two months, suggesting members who make more voluntary contributions at EOFY tend to contribute substantially larger amounts.

Contributions activity was relatively steady throughout the remainder of the year, with the other 81% of contributions spread across the preceding 10 months.

Rest chief member officer Simone Van Veen said the findings presented an opportunity for members to take a more considered approach to their retirement savings.

"The start of a new financial year is a great opportunity to think about the steps you can take over the next 12 months to help build your retirement savings," Van Veen said.

The fund also recorded a surge in member engagement with contribution-related information, with visits to contribution focused content more than tripling in May and June compared with the preceding two months.

Van Veen said members could benefit from moving away from an EOFY-driven approach and considering their options earlier.

"Rather than waiting until June, members may benefit from taking time earlier in the year to understand their options and make a plan that feels achievable," Van Veen said.

Salary sacrifice and member voluntary contributions were the most common contribution types, while downsizer contributions generally involved significantly larger one-off amounts.

Contribution amounts also tended to increase with age, according to the analysis.

Van Veen said members could use the start of the financial year to review their super balance, retirement goals and eligibility for measures such as government co-contributions.

"Even small changes made today can make a meaningful difference over time, particularly when you consider the impact of compounding returns over the long term," he said.

From September 12, the Guild Retirement Fund will move into the Smart Future Trust. The GuildSuper and Child Care Super brands, which focus on the pharmacy and early learning sectors respectively, will remain as they are.

Future Group said members will experience minimal disruption as the SFT marks the latest step in group's strategy to consolidate fund operations behind the scenes, leveraging increasing scale to benefit members.

The move follows the SFT of the Future Super Fund, which sits behind the Future Super and Verve Super brands, into the Smart Future Trust in May 2025.

Future Group now has more than 400,000 members and manages some $14 billion in assets under management.

Future Group chief executive Simon Sheikh said: "As we grow, we can use that scale to reduce duplication, increase our negotiating power with service providers and continue investing in services and investment capabilities for members."

"This latest transfer builds on the successful SFT of the Future Super Fund into the Smart Future Trust last year. It is another important step towards a simpler and more scalable structure across Future Group."

Dollar-based administration fees are set to decline for GuildSuper and Child Care Super members from $72.80 to $67.60 per year.  Members will also gain access to a revised MySuper LifeStage approach with four age-based options and a refreshed Choice investment menu.

"GuildSuper and Child Care Super will retain the brands, member relationships and industry focus that make them distinctive, while benefiting from the scale and operating capabilities of a larger structure behind the scenes," Sheikh said.

In late 2023, Future Group entered the default super space with the acquisition of GuildSuper.

The deal with GuildSuper saw Future Group add about $2.77 billion in funds under management and 99,000 members.

This included members in Child Care Super, which also forms part of Guild Group's offering.

Future Group's superannuation brands also include Future Super, Verve Super and smartMonday.

Lendlease's Australian Prime Property Fund Retail (APPF Retail) offloaded its 50% stakes in Lakeside Joondalup in Perth and Westfield Carindale in Brisbane to Cbus Property.

APPF Retail, a wholesale unlisted property trust established in 1989, invests predominantly in prime direct retail properties across Australia with an institutional client base. Its operations involve the acquisition, management, leasing, administration and disposal of retail real estate assets.

Cbus Property chief executive Chris Kakoufas said: "The acquisition of 50% interests in Lakeside Joondalup and Westfield Carindale represents a significant expansion of Cbus Property's premium flagship retail portfolio, adding two high-quality assets in prime locations."

Kakoufas noted the acquisition extends the super fund's retail portfolio into the Brisbane and Perth markets.

"Our ownership of some of Australia's leading super regional retail destinations will provide resilient income and, in turn, long-term returns for Cbus Super members. We also see significant opportunities for long-term precinct evolution, underpinned by the centres' important roles in their local communities," he said.

Vanessa Orth, managing director at Lendlease Investment Management Australia, said the transaction "represents a successful outcome for APPF Retail's liquidity program, achieving a positive result for investors and returning capital through a well-executed and timely process."

In May, Australian Prime Property Fund Commercial (APPF Commercial), announced it would offload its stake in a Sydney office precinct to Charter Hall.

A series of transactions relate to the Spring and O'Connell Street precinct in Sydney's CBD.

The first transaction includes the completed exchange of contracts on 19 O'Connell Street and strata lots within 23 O'Connell Street. Charter Hall also accepted a pre-emptive offer for the remaining interests in 1 O'Connell Street, 8, 10, 16 Spring Street and the remaining strata lots in 23 O'Connell Street.

"The overall transaction represents a strong outcome for both parties, aligning with APPF Commercial's portfolio strategy of prime assets and capital recycling objectives, while enabling Charter Hall to expand its exposure to quality, well-located Sydney office assets," Charter Hall said.

In a new whitepaper titled Building a Sustainable Compensation Scheme of Last Resort - benchmarked by Marsh Risk Consulting - ASFA argued the CSLR is falling behind similar policies enforced across the UK, the US and Europe.

In the schemes Marsh examined, the sectors that generate investor losses are the sectors that fund the compensation, which is not the case in Australia.

Despite accounting for almost all (96%) compensation the CSLR has paid, the personal financial advice sector has only contributed 84% of its funding. ASFA acknowledged it would be "impossible" for financial advisers to fund 100% of compensation claims, as it would put small advice firms out of business, but said the funding should not be spread to other sub-sectors for compensation.

This comes as the CSLR has increased the estimated levy for the current financial year to be paid by the financial services sector to $198.1 million, some $60.7 million increase form its initial estimate in November 2025.

ASFA chief executive Mary Delahunty said the dynamic playing out in Australia is very different to other jurisdictions.

"Every other country we looked at asks simple questions: has the firm failed, is the client's money missing, and how much have they lost?" Delahunty said.

"In Australia, we ask how much an investor would have if they had never received bad financial advice and had hypothetically been put into a better investment option.

"That pushes the CSLR's compensation bill higher. The more than 16 million Australians who are members of traditional super funds are now having to help pay that bill even though they can't claim from the CSLR themselves."

In FY26, $6.1 million of a $47.3 million special levy was charged to the savings of members of traditional, institutional super funds. However, the overwhelming majority of CSLR claims came from people who were advised out of institutional super and into self-managed funds, she added.

"It is like being forced to insure not just your own house, but someone else's house in another town, and then being told the premium will rise every year because the other town keeps burning down," Delahunty said.

"Institutional super is a low-risk sector, where the likelihood of losing your investment is extremely low. Even on the chance that losses do occur, super fund trustees are legally obliged to pay compensation, so we wouldn't see the uncompensated losses that lead to CSLR claims happening in institutional super.

"Members of super funds already pay for institutional super's own compensation arrangements. Those same members are now being asked to fund a second compensation scheme they cannot use."

She said the principle of the scheme "conflicts" with the legislated purpose of super, which is to secure Australians' retirements, "not to fund unrelated schemes that don't add up financially."

Additionally, the paper described the CSLR as a "self-reinforcing cycle", meaning if action is not taken to improve the sustainability of the scheme, the result can rapidly compound growth in levies unless it is reformed.

In response, Delahunty said there are several design issues with the CSLR to make the scheme "fundamentally unsustainable", reiterating the scheme should only pay compensation where a consumer's money is "genuinely gone".

She also called for the sectors generating the losses to fund the compensation, instead of spreading the cost, and focusing on stopping losses happening in the first place.

"Because prevention is better than compensation. Stopping unregulated lead generators, aggressive sales tactics and conflicted advice from causing these losses in the first place is the most effective way to bring the CSLR's costs under control," she added.

Multiple peak bodies, including the likes of the SMSF Association, the Council of Australian Life Insurers and the Financial Advice Association Australia, have, however, advocated for the cost to be spread across all sub-sectors and the government.

The service will be available to members via the AustralianSuper member portal. Launching in stages starting this year, it will allow members to access personalised advice and guidance on topics including investment options, contributions and retirement health checks.

AustralianSuper general manager of retirement Shane Hancock said receiving quality financial advice can make a real difference to members' confidence about retirement.

"We want members to feel in control, so we're giving them the tools to get quality advice in a secure environment at a time that suits them," Hancock said.

"When the roll-out is complete, members will be able to take their online journey even further, by choosing to speak with a qualified adviser virtually or on the phone.

"Our growing base of 3.6 million members will be able to access the platform - one of the largest advice offerings in Australia."

The advice will be provided by an entity within the AustralianSuper group, AustralianSuper Advice Pty Ltd. Financial services lawyer and policy expert, Michelle Levy, has been appointed as an independent director.

Levy was previously chair of the Quality of Advice review and partner at Allens.

"Financial advice that takes into account someone's personal circumstances can make a big difference to their retirement outcomes. That advice should be accessible and simple to understand and follow," Levy said.

"Through the online advice journeys, AustralianSuper members will be able to get just that - quality personal advice and guidance whenever they need it.

"This will help members to make good decisions about their superannuation and, ultimately, enjoy greater financial security in retirement. That's what superannuation and financial advice are all about."

AustralianSuper said if online advice is enough to meet a member's needs, they can receive personalised recommendations and take steps to action these via the advice platform.

The super fund said those who choose to speak with an adviser can do so by phone or video call. Complex cases can be referred to a Comprehensive Advice adviser made available to members by the fund.

AustralianSuper said the new tools will complement the existing online education, tools and calculators it offers, which it said around 1.6 million Australians accessed in the last calendar year.

"Our ambition is to provide personalised guidance to every member, and we are investing in our people, technology and processes to achieve this within the decade," Hancock said.

"We are committed to giving members the advice they need, when they need it, and giving them the tools and confidence to create their own financial future."

The new service will be rolled out in phases, with the first online journey to launch in the coming months. Adviser-led journeys will be offered to members from early 2027. Technology provider, Ignition Advice, is helping to build the online capability.

The Your Say on Super survey showed at least 15.5 million Australians may not have a binding death benefit nomination, a form that tells your fund who should get your super when you die.

SCA had done the same survey in 2024, which had found 36% of people, or at least 6.5 million Australians didn't have a death benefit nomination with their super fund.

"Again, funds are dropping the ball on customer service, and it is leading to real consumer harm. Reducing avoidable delays and uncertainty for grieving families is a no brainer," SCA chief executive Xavier O'Halloran said.

"So why aren't funds doing more to help members decide where their super goes after they die?"

SCA is calling on the government to introduce mandatory customer service standards requiring funds to communicate clearly with members and process death benefits within clear timeframes.

"Too many Australians only learn about the importance of a binding death benefit nomination after someone they love has died," O'Halloran said.

"An effective reminder from a super fund could help people make an informed decision, reduce delays and make an incredibly difficult time a little easier for grieving families. We know that some funds have had a lot of success with nomination campaigns. It's past time for the government to make this mandatory for all funds."

The findings come after SCA recently released a mystery shopping study of 20 major super fund call centres, which found on average, the customer satisfaction score did not clear 49.9%.

This study examined how frontline service providers engaged with three customer enquiry scenarios: prospective customers (40% of calls), culturally and linguistically diverse (CALD) customers (30% of calls), and customers experiencing vulnerability (30% of calls).

No super fund scored above 55% across the metrics of ease, success and sentiment. None reached the 80% benchmark considered as the best practice "green zone".

The Super Members Council (SMC) had noted limitations on the research methodology, as the testers were not actually fund members, which meant a lot of the calls did not progress beyond the member verification process.

Effective October 16, Cbus will offer new non-lapsing binding death benefit nominations and allow members to make them online.

The super fund will no longer offer nominations which expire in three years, although it will follow up any nominations before they expire. Currently, binding death benefit nominations have to be renewed every three years.

Finally, it will no longer offer non-binding death benefit nominations and remove non-binding nominations listed on member accounts from this date.

Last October, Cbus agreed to pay $23.5 million to settle the matter brought against it by ASIC in relation to delayed death benefit payments to members. Some members were impacted by delays to death and TPD claims processing, having to wait more than 90 days.

ASIC alleged the number of impacted members was closer to 10,000 - more than 50% of all the claims Cbus was dealing with in late 2022 - and that some claimants were left waiting more than 12 months for a payout.

Cbus vowed to pay them faster. Where members have not nominated a beneficiary, Cbus said death benefit payments will be paid to the surviving current spouse.

If there is no surviving current spouse, surviving children will receive the benefit in equal shares, and in cases where there is neither a surviving current spouse and no surviving children, the benefit will be directed to the member's estate.

Cbus said this reform will eliminate the need to undertake lengthy and complicated "claim staking" in most cases - a process the fund uses to determine eligible beneficiaries. It will also reduce the death claim process by about four to six weeks.

In the 2025 financial year, Cbus dispensed $437.4 million in death benefits, according to APRA, making it the fourth-largest payout behind AustralianSuper ($1.1bn), Australian Retirement Trust ($764.3m) and Colonial First State First's Choice Superannuation Trust ($621.3m).

This comes just a month after the Payday Super reform went live from July 1, where employers must pay their employees' superannuation at the same time as their salary and wages.

While IFS noted the reforms are a significant step forward and help funds and members with greater real-time insight into missing payments, it also recognised visibility alone won't resolve every instance of unpaid super.

"Payday Super is one of the most significant superannuation reforms in decades, and we strongly support it," IFS executive manager of super recoveries Natalie Lister said.

"However, it doesn't address the billions of dollars in historical unpaid super still owed to Australian workers, nor does it remove the cashflow challenges many businesses face."

Payday Super applies prospectively from the new financial year, with existing quarterly rules continuing to govern superannuation entitlements accrued up to 30 June 2026. As a result, a significant pool of historical unpaid super remains outside the scope of the reform and will continue to require active recovery efforts, IFS said.

"Where employers carry legacy super arrears, there is also a risk that new Payday Super contributions may be applied against older outstanding balances, potentially creating confusion about an employer's overall superannuation compliance position, despite historical arrears remaining," IFS added.

Lister also noted employers still need to meet super obligations and additional compliance requirements while managing cashflow and waiting for customers to pay their invoices.

"As long as those pressures exist, there will continue to be instances of unpaid super, making recovery services an important safeguard for members' retirement savings," Lister said.

Super Members Council (SMC) analysis showed Australians missed out on $24.4 billion in unpaid superannuation in the five years to 2023.

"This achievement reflects the continued dedication of our team and the trust our clients place in us. Behind every dollar is a real person's retirement, and our focus has always been on getting that money working for them as soon as possible," Lister added.

IFS said it continues to invest in advanced recovery technology, including intelligent automation, AI enabled analytics and integrated data capabilities designed to improve recovery outcomes for members, reduce costs and support clients as they adapt to Payday Super.

"These initiatives align with IFS' broader mission to modernise operations and empower the profit-to-member superannuation industry as it adapts to Payday Super," IFS said.

IFS is a wholly owned subsidiary of Industry Super Holdings (ISH) and ISH is owned by a number of shareholders including some industry superannuation funds.

Brighter Super said the move makes it the first member-owned fund to announce the development of this style of product, that enables eligible members still in the accumulation phase to begin building future potential Age Pension benefits while still enabling choice as to how their super is invested.

The fund said Australia's superannuation system has been highly successful in helping people accumulate retirement savings, but many Australians remain uncertain about how to convert those savings into a reliable income that lasts throughout retirement.

Brighter Super said the solution is designed to help address that challenge by allowing eligible members to begin building future lifetime income benefits during their working years, with greater income certainty and longevity in their retirement years.

By beginning to accrue these benefits during the accumulation phase, members may be able to increase their overall retirement income, potentially improve their Age Pension outcomes depending on their individual circumstances, and gain greater flexibility and choice in how they structure their income in retirement, Brighter Super said.

The fund's modelling suggests members could receive additional income of between $70,000 and $95,000 on average over 25 years of retirement.

Brighter Super chief executive Kate Farrar said the announcement reflected the fund's commitment to helping members achieve better retirement outcomes.

"Australians have become very good at building super balances. The next challenge for our industry is helping people turn those balances into an income that provides confidence throughout retirement," Farrar said.

"Bringing this approach to the member-owned sector is an important step. Rather than waiting until retirement to start thinking about lifetime income, we're helping members begin preparing and maximising future retirement income outcomes while they're still working."

The initiative builds on Brighter Super's growing retirement offering, which it said is a priority. The new solution aims to further strengthen the fund's support for members as they move from accumulating super to using their super to provide an income in retirement.

Brighter Super will develop the solution in partnership with TAL, who will provide the lifetime income guarantee underpinning the retirement solution.

TAL chief executive, group life and retirement Jenny Oliver said the partnership reflected a shared commitment to improving retirement outcomes for Australians.

"We're focused on helping more Australians have a confident retirement. TAL is proud to partner with Brighter Super on this lifetime income solution, because we're passionate about helping more people plan for retirement and enjoy access to savings that can last for life," Oliver said.

The solution will be introduced progressively, with the accumulation feature expected to become available to eligible members in the first half of 2027 and the guaranteed lifetime income option in 2028.

According to Morningstar's Superannuation 360 report for Q2 2026, super returns recovered through their underlying growth-asset exposure, with higher-risk options leading the recovery, while more defensive assets experienced a mixed quarter.

Aggressive and Growth options gained 7.58% and 6.12%, respectively, while Balanced options rose 4.80%. Moderate and Flexible options also delivered positive returns of 3.48% and 3.84%, respectively, while Conservative options gained a more modest 1.92%, the report highlighted.

Morningstar recognisedwithin the Superannuation Multisector Growth peer group, comprising investment options that typically hold between 61% and 80% in growth assets, the leaders among the more widely held options were low-cost index and enhanced-index strategies.

In particular, CFS topped the chart with its Enhanced Index Growth option, returning 12.43% per year over three years.

It is followed by OnePath-BlackRock Diversified ESG Growth (11.81%), Aware Super Balanced Indexed (11.78%), Hostplus Indexed Balanced (11.76%) and Vanguard Lifecycle - Age 52 (11.63%) in the ladder.Each of these comfortably outpaced the peer-group median of 9.52% per year and each edged ahead of the Morningstar Australia Growth Target Allocation Index benchmark of 11.37% per year, Morningstar said, noting the outperformance was attributed to higher exposure to global equities, Australian equities, and real assets.

"Given their high strategic weighting in growth assets, the leading options benefited most from the sharp second-quarter rebound in global equities, where the MSCI World Index rose 12.46%, led by the US and, above all, technology stocks on renewed enthusiasm for artificial intelligence and semiconductor demand," the report said.

The report also noted the rotation back to growth-oriented sectors, including the large-cap technology, were "rewarded", and the strong showing of index-based options is consistent "with a rally concentrated in mega-cap names, which are heavily represented in capitalisation-weighted portfolios."

"The quarter was effectively a mirror image of the first quarter, when higher-risk allocations bore the brunt of equity-market weakness. By the end of June, all target-allocation indexes had moved back into positive territory for the year, though the strength of the recovery varied materially by risk profile," the report said.

"Overall, the second quarter reinforced the importance of growth exposure during market rebounds, while also showing that defensive assets provided positive but less powerful support."

Meanwhile, the domestic fixed income markets also recovered in the second quarter after a weak first quarter, with bank credit and cash returning 1.07% and 1.03%, respectively.

Furthermore, supporting contributions also came from emerging-market equities (MSCI Emerging Markets gained 22.64%, powered by Taiwan and South Korea).

The main offset was the Australian dollar's continued appreciation (up 1.15% against the US dollar), which trimmed returns from unhedged international shares and has provided a relative advantage to options with higher levels of currency hedging on their international equity exposures, Morningstar said.

GrowthX investment fees will rise from 0.243% to 0.267% per annum, the Balanced option will rise from 0.249% to 0.256% per annum, and the cost for the Moderate option will rise from 0.235% to 0.257% per annum.

"The increase in investment fees and costs reflects the introduction of unlisted asset classes into the GrowthX, Balanced, and Moderate investment options," Spaceship Super said.

"These asset classes typically carry higher management costs than listed investments, but the trustee considers these costs to be appropriate given the expected improvement in risk-adjusted returns and downside protection they provide."

In the GrowthX option, the super fund is slightly reducing exposure in Australian and international equities, while raising exposure to listed and unlisted property from 10% to 21%.

It's applying the same changes for the Balanced option, while also increasing exposure to Australian and international fixed interest, which includes the introduction of private credit in the portfolio.

For the Moderate option, Spaceship Super is reducing exposure to real assets and Australian fixed interest, while increasing exposure to international fixed interest by 10%.

"The Balanced and Moderate options were trending toward a higher risk classification than intended, due to changes in how equities and bonds are expected to behave in current market conditions," Spaceship Super said.

"The addition of unlisted assets - specifically Australian unlisted property and private credit - is expected to improve risk-adjusted returns and provide better downside protection for members across GrowthX, Balanced, and Moderate."

The Global Index option is not affected by the changes.

For a member with a $50,000 balance, the change would mean a rise of $24 in the GrowthX option, and a rise of $12.5 and $18.5 for the Balanced and Moderate options respectively, on an annual basis.

From 14 August 2026, smartMonday's MySuper investment option will automatically transition from the current design to a more simple four-stage structure changing members' investments through four different life stages. The first one will consolidate every member aged 50 and under, with 92% of their portfolio invested in growth assets, followed by 51-60 (75%); 61-66 (65%); and 67 and over (55%).

The super fund said the change will be easier to understand for members and better support the modernised retirement journey.

"Higher allocations to growth assets for younger members, reflecting modern retirement patterns, increased longevity and the likelihood that members remain invested well into retirement." smartMonday said.

Meanwhile, it will also change its administration and investment fees, with annual administration fees reducing from $72 to $67.60. Percentage-based administration fees will also reduce from 0.29% to 0.16% per year, while a new $1000 annual cap will be applied on the percentage-based administration fee.

Investment fees and costs will, however, increase across most investment options, while fees for the cash option will decrease, smartMonday said.

For many members, lower administration fees are expected to offset some or all increases. The overall impact will vary depending on the account balance and investment option, it said.

"We're making these changes to simplify our MySuper investment option, improve member understanding, better reflect modern retirement patterns and keep fees fair, transparent and aligned with the cost of managing the fund. The changes are also designed to support long-term member outcomes," smartMonday said.

"The changes may affect the fees deducted from your account and, for MySuper members, the way your investments are allocated.

"The overall impact will vary depending on your account balance, age and investment option."