Based on APRA performance tests and research, the worst-performing super funds often include Energy Industries Superannuation Scheme (EISS), OnePath, BT Super, AMG Super, and Australian Catholic Superannuation. These funds have historically failed to meet benchmarks, often due to high fees and poor investment returns.
Here are the 5 worst-performing super funds in 2022, according to APRA:
Six superannuation providers topped the list in Canstar's 2025 Superannuation Star Ratings and Awards:
Recently there has been a lot of media coverage of the Shield and First Guardian Master Fund collapses. Over 12,000 Australians may have lost their retirement savings after their investments in these two funds collapsed.
Yes — a couple can retire on $700,000 in Australia, particularly if they own their home and are eligible for Age Pension support later in retirement. Retiring at 65 with this balance could mean an annual income closer to or above the ASFA 'comfortable' standard for couples.
In the organisation's super balance update, it found 2.5 per cent of the population have a super account of more than $1 million, as of June 2021. This represents 417,567 individuals, ASFA said, and is a 29 per cent increase from the 322,200 individuals who held over $1 million in June 2019.
For women, average superannuation balances rise from roughly $243,000 at ages 55–59 to around $313,000 at ages 60–64. Based on that progression, the average 60-year-old woman likely holds approximately $278,000 in super. For men, balances increase from about $320,000 at ages 55–59 to roughly $396,000 at ages 60–64.
The RBA has lowered its estimates of Australia's annual economic growth potential to just 2 per cent. The budget faces a projected decade of deficits, even without an increase in defence spending.
After you retire any amounts over the cap need to be transferred into an accumulation account or withdrawn taken out as a lump sum.
Which super funds were hit?
$1 million for a basic retirement with some surplus for emergencies. $2 million to retire comfortably in most circumstances, and. $3+ million is the ideal amount required for total comfort, especially if a couple faces higher living expenses.
Even if you move overseas, your superannuation will typically stay in Australia. If you move to New Zealand, you may be able to transfer your super to a KiwiSaver account. Temporary residents returning home after visiting Australia can apply for a Departing Australia Superannuation Payment.
For many Australians, the answer is yes, especially if they own their home and plan their retirement income carefully. The key is understanding how long $600K can last, how the Age Pension fits in, and what kind of lifestyle this level of super realistically supports.
Thousands of Australians have lost more than $1 billion in collapsed retirement funds First Guardian and Shield. There are lessons to be learned.
UniSuper has won eight top gongs over the years, followed by Sunsuper with five. QSuper (which has merged with Sunsuper to form the Australian Retirement Trust) has won three times, while Aware Super now has three wins under its belt. AustralianSuper and Hostplus have each had one overall win over the past decade.
Only around 3.1 per cent of households have very high total balances of over $2 million. Around 1.4 per cent or 142,000 households have more than $3 million in superannuation.
You can continue to contribute to super until you turn 75. Superannuation contribution limits continue to apply and those aged 67-75 will need to meet a work test if you intend to claim a taxation deduction in relation to personal contributions made to super.
Australia's GDP per capita is currently nearly 80 per cent of that of the US, having risen from around 75 per cent in the mid-1980s. To provide a simple decomposition of the long-term evolution of GDP per capita, the Australian Treasury often uses the '3 Ps' framework.
With that being said, what is a wealthy retirement? Well, according to ASFA, a comfortable retirement for a couple is around $75,000 per year and $53,000 for a single person. Given this, I would consider achieving a retirement income of, say, 30% over these amounts to be a wealthy retirement.
The short answer: to retire on $80,000 a year in Australia, you'll need a super balance of roughly between $700,000 and $1.4 million. It's a broad range, and that's because everyone's circumstances are different.