Super member assets increased over the September quarter, with rising balances and expanding Choice products signalling renewed industry strength.
Australia’s superannuation pool grew to $2.80 trillion at the end of September 2025, up from $2.68 trillion in June, marking one of the stronger quarterly increases seen over the past year.
According to the latest quarterly APRA statistics, the lift — roughly 4.5 per cent — reflected both market gains and continued contributions across MySuper and Choice products.
The number of superannuation products edged higher, rising from 895 to 901, while member accounts increased to 23.5 million. This steady expansion occurred despite only modest shifts in the structure of the product landscape.
MySuper assets rose from $1.13 trillion to $1.17 billion, an increase of around 3.5 per cent, underscoring the dominant role of default products in a period of improving conditions. Choice assets grew at a similar pace, increasing from $1.44 trillion to $1.48 billion. Defined benefit assets softened slightly, easing from $141 billion to $139 billion.
Membership trends also pointed to gradual growth. MySuper accounts ticked up from 14.9 million to 15.0 million, while Choice accounts increased from 7.7 million to 7.8 million. Defined benefit membership held steady at 0.7 million, consistent with the long-term closure of many legacy schemes.
Inside the Choice segment, the strongest momentum came from retirement offerings. Retirement product numbers increased from 200 to 204, while retirement assets rose from $512 billion to $544 billion — a quarterly gain of more than 6 per cent.
Accumulation assets also strengthened, lifting from $883 billion to $926 billion, reflecting sustained employer contributions and market returns.
Average account balances rose broadly across the industry, supporting the narrative of a stronger quarter for member outcomes. MySuper balances increased from $76,000 to $78,000, and Choice accumulation balances rose from $140,000 to $145,000.
Retirement members saw one of the largest improvements, with average balances rising from $377,000 to $392,000. Defined benefit balances dipped slightly to $199,000.
The breadth of Choice investment options continued to expand. Single-sector options increased to 36,810 and made up 28.3 per cent of Choice assets, while multi-sector options rose to 15,353, accounting for 67.1 per cent. Direct investment options grew to 86,383, representing 4.5 per cent of Choice assets.
Platform products remained a significant gateway for investment flows, with assets rising from $396.6 billion to $417.2 billion and continuing to account for 28.1 per cent of Choice assets. The increase highlighted ongoing demand for adviser-led and customisable investment channels, even as default products maintained their scale advantage.
Overall, the September quarter reflected a broad-based uplift across the superannuation system, with asset growth, rising balances and continued diversification in Choice products pointing to a stronger operating environment heading into the final quarter of 2025.
