As of September 2025, Australia’s superannuation system stands at a pivotal moment. The latest quarterly data published by APRA shows that members’ retirement savings rose to about A$4.5 trillion, with industry funds taking a growing share of the pool.
The latest APRA figures highlight not only the size of Australia’s super funds, but the shifting dynamics between industry funds, retail funds and SMSFs. Below is a breakdown of the Top 20 funds by member accounts and Top 20 funds by member assets, based on APRA’s 2025 statistics.
Top 20 Super Funds by Number of Member Accounts (APRA 2025)
| Rank | Fund Name | Members |
| 1 | AustralianSuper | 3,672,000 |
| 2 | Australian Retirement Trust | 2,533,000 |
| 3 | HOSTPLUS Superannuation Fund | 2,183,000 |
| 4 | Retail Employees Superannuation Trust | 2,148,000 |
| 5 | Aware Super | 1,246,000 |
| 6 | HESTA | 1,099,000 |
| 7 | Mercer Super Trust | 1,062,000 |
| 8 | Cbus (Construction & Building Unions Super) | 925,400 |
| 9 | MLC Super Fund | 758,800 |
| 10 | UniSuper | 704,400 |
| 11 | CareSuper | 634,500 |
| 12 | Colonial First State FirstChoice Superannuation Trust | 611,900 |
| 13 | AMP Super Fund | 579,500 |
| 14 | Retirement Portfolio Service | 451,200 |
| 15 | Brighter Super Fund | 317,100 |
| 16 | IOOF Portfolio Service Superannuation Fund | 276,800 |
| 17 | OneSuper | 266,900 |
| 18 | Wealth Personal Superannuation and Pension Fund | 255,600 |
| 19 | ASGARD Independence Plan Division Two | 232,800 |
| 20 | Smart Future Trust | 225,700 |
What this means:
Membership scale is crucial because it drives fee efficiency, investment power and operational capability. AustralianSuper and ART continue to dominate — together holding more than 6.2 million member accounts.
Best 20 Super Funds by Member Assets (APRA 2025)
| Rank | Fund Name | Assets ($) |
| 1 | AustralianSuper | $387.6 billion |
| 2 | Australian Retirement Trust | $345.4 billion |
| 3 | Aware Super | $198.6 billion |
| 4 | UniSuper | $146.6 billion |
| 5 | HOSTPLUS Superannuation Fund | $133.4 billion |
| 6 | Colonial First State FirstChoice Superannuation Trust | $106.7 billion |
| 7 | Cbus (Construction & Building Unions Super) | $101.9 billion |
| 8 | Retail Employees Superannuation Trust | $98.04 billion |
| 9 | HESTA | $96.2 billion |
| 10 | MLC Super Fund | $92.32 billion |
| 11 | Mercer Super Trust | $78.72 billion |
| 12 | ASGARD Independence Plan Division Two | $74.4 billion |
| 13 | IOOF Portfolio Service Superannuation Fund | $71.47 billion |
| 14 | Wealth Personal Superannuation and Pension Fund | $67.76 billion |
| 15 | CareSuper | $58.25 billion |
| 16 | AMP Super Fund | $57.56 billion |
| 17 | HUB24 Super Fund | $48.46 billion |
| 18 | Macquarie Superannuation Plan | $48.24 billion |
| 19 | Retirement Portfolio Service | $39.21 billion |
| 20 | equipsuper | $35.68 billion |
What this means:
Australia’s superannuation asset pool is heavily concentrated. The top five funds alone control over $1 trillion in assets, shaping investment markets, long-term returns, and retirement outcomes for millions.
What This Means for Australians, Borrowers & SMSF Trustees
- Mega-funds are setting the pace
APRA’s latest data shows the dominance of industry funds across both membership and assets. Bigger funds can negotiate cheaper fees and access global-scale investments, which can influence long-term retirement outcomes.
- Regulatory pressure continues to intensify
APRA’s performance tests, heatmaps and transparency requirements mean that Australia’s largest funds face unprecedented scrutiny around fees, returns, retirement solutions and governance.
- SMSFs remain important — but competition is fierce
With giant funds scaling up, SMSF trustees need to be smarter about diversification, borrowing strategies and long-term planning — especially when using SMSF loans for property.
- For lenders and advisers, fund membership can impact borrowing outcomes
Borrowers’ super balances — and the performance of their funds — play an increasing role in retirement planning, serviceability modelling and long-term financial health. Understanding which fund a client belongs to is becoming essential.
- Asset growth = more capital chasing opportunities
The jump in industry assets (9.4 % year-on-year to ~A$4.5 trillion) signals increased capital flows into global and domestic markets. Financial Standard+1 For SMSF planners and lenders, this means competition for yield, potential asset-allocation shifts and pressure on alternative-asset valuations (property, infrastructure, private equity) that may impact return assumptions.
Implications for Home Loans, SMSFs and Your Clients
- Member account consolidation remains important: Large funds typically offer robust services and may reduce the “orphan” account risk. Advisers should check if borrowers/members have multiple small fund accounts which erode returns and complicate retirement planning.
- Fund choice matters when modelling asset-backed borrowing: If a borrower belongs to a mega-fund with strong infrastructure/private-asset exposure, their portfolio risk/return characteristics may differ from a smaller retail fund. That may influence loan servicing assumptions, capacity modelling and exit strategies.
- SMSF loan strategies need to reflect scale-effect pressures: With major funds growing in scale, SMSFs may face tougher competition for yield and higher cost of alternative assets. Advisers structuring SMSF property loans must ensure conservative stress testing, buffer for illiquidity, and realistic return assumptions rather than simply chasing “property in SMSF as tax arbitrage”.
- Retirement outcome matters: With trustees under pressure to improve retirement-income solutions, home-loan advisers should consider the interaction between super balance, loan obligations and retirement age. For example, large fund members may shift into pension phase earlier — affecting serviceability and repayment strategies.
- Marketing & positioning take note: For your brands there’s an opportunity to position insights around fund-scale, member services and how home-loan solutions integrate with superannuation strategy. E.g., “If you’re in AustralianSuper or ART, here’s how your super behaviour influences your borrowing capacity”.
Risks & Watch-Points
- Asset-allocation pressure: As big funds chase yield, valuations in alternative assets may be inflated. Borrowers relying on strong super-returns to support property loans must be cautious.
- Fee/expense growth: Some reports show that super-fund operating expenses are growing and may outpace asset growth — if that continues, net returns could be squeezed. The Australian
- Regulatory-/compliance shocks: The larger the fund, the greater the complexity and risk around governance, data, and member servicing. Exposure to problems (cyber-security, claims processing) for mega-funds may have broader implications for confidence in the sector.
- Member fragmentation risk: Even within large funds, many members may hold small or non-default products, under-performing options or be near retirement without a clear strategy — a risk for advisers in structuring lending against retirement savings.
Key Trends to Watch Moving Into 2026
✔ Further consolidation of mid-tier funds
✔ Increased focus on retirement-income products
✔ Greater transparency in investment performance
✔ Possible fee reductions from economies of scale
✔ More demand for SMSF property strategies as members seek control
Final Takeaway
APRA’s September 2025 data confirms what the industry already sensed: Australia’s superannuation landscape is being reshaped by size, scale, and shifting member expectations. The largest funds — led by AustralianSuper, ART and Aware — continue to grow stronger, while regulatory reform and member behaviour push the system toward greater efficiency and transparency.
For borrowers, advisers and lenders, superannuation isn’t just a retirement tool — it’s a critical part of financial strategy. And with billions flowing into the market every quarter, staying informed about the biggest players is essential.
In the home-loan context, that means merging the super-fund story with the borrowing story: how much super you have, where it sits, how it invests, what fees you pay, what your likely retirement income will be, and how your loan fits within that. In an environment of rising assets, regulatory change and intensifying competition, aligning super strategy and borrowing strategy has never been more important.
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