Superannuation Data Analysis By Fund Type To June 30, 2026
APRA has released updated superannuation data by fund type to June 2026. As with previous quarters, we have combined the dataset with our financial adviser numbers, ABS population data and ATO SMSF statistics. Below are some of the highlights and dashboard numbers relating to the data — accessible to Members only.
The standout theme this quarter is a sharp market-driven rebound as total superannuation assets jumped to around $4.49 trillion after March's rare down quarter. The underlying structural story stays largely intact: Industry Funds continue to bleed money to SMSFs, though at a slower pace than the recent run of accelerating losses.
This quarter also marks a reporting change at APRA: Corporate Funds* are no longer reported as a separate category, (from this quarter onwards - history remains in place) and the merger of Telstra Super, the last remaining major corporate fund into Aware Super (a Public Sector fund) shows up as a large one-off transfer. We've explained that below so it isn't confused with the ongoing SMSF trend.
Below, our commentary includes the Dashboards that members can access to view more details. See Super By Fund Type
Market Context — A Strong Rebound (D2, D3)
Investment markets bounced back strongly in the June quarter after March's rare loss. Quarterly returns were positive across the board: Public Funds around +6.1%, Retail +6.0%, Industry Funds +5.8% and the All-APRA average +5.9%. It was one of the strongest quarters since APRA's records began in 2004 — only four quarters have ever been stronger.
Net assets rose across every fund type: Retail Funds +$60.7bn (to $921.2bn), Public Funds +$57.9bn (to $822.4bn) and Industry Funds +$115.9bn (to $1,684.7bn) — though around $35bn of Industry's increase reflects Corporate Funds' remaining entities being folded into the Industry Fund category this quarter, not organic growth (see note below). All APRA-regulated funds combined rose $200.1bn, from $3,228bn to $3,428bn.
SMSFs posted a more modest gain this quarter, up $16.5bn to $1,064.0bn.
Total superannuation (APRA funds plus SMSFs) rebounded to around $4.49 trillion, from $4.28 trillion at March — recovering all of the prior quarter's dip and then some.
*A reporting change on Corporate Funds: from this quarter, APRA no longer reports Corporate Funds as a separate category — funds previously classified as Corporate are now folded into Industry Funds. This was triggered by Telstra Super, the last remaining major corporate fund, merging into Aware Super (a Public Sector fund). That merger explains both the jump in Industry Funds' opening balance this quarter (Corporate's ~$35bn base was briefly picked up under Industry before the merger) and the large one-off transfer out of Industry and into Public Sector Funds noted below.
Adviser Opportunity (D1)
Calculated by dividing total superannuation assets by the number of advisers.
Jumped by around $19.1 million to $301.9 million per adviser (from $282.7 million at March), one of the largest single-quarter increases we've recorded, driven by the combination of the market rebound and a fall in adviser numbers.
Adviser numbers fell to 14,882 (from 15,122), reversing last quarter's small uptick and landing at their lowest level in at least two years. Note: End of June figures for advisers usually dips at June 30 as many advisers retire and many decide to change licensees with an end date of June 30 in their old licensee and a start date of July 1 in their new licensee.
On a per-person basis, total super per Australian rebounded to $160,676 (from $153,362), reflecting the strong quarter for markets.
Market Share & Fund Flows (D2)
Industry Funds' market share edged up to 37.1% (from 36.9%).
SMSFs continue to gain ground, up to 24.4% (from 24.0%) — again the second-largest sector, still constrained somewhat by members moving into retirement phase.
Retail Funds sit at 20.3% and Public Funds at 18.1%, both broadly steady. Corporate Funds no longer appear as a distinct category following APRA's reporting change and the Telstra Super merger noted above.
Transfers to SMSFs (D7) - See chart below
The underlying trend continues, but the pace of deterioration has slowed.
The rolling annual net transfer from Industry Funds to SMSFs eased further into negative territory, from –$7.76 billion (year to March 2026) to –$7.87 billion (year to June 2026) — still a record low, but the quarter-on-quarter worsening (+$0.11bn) was far smaller than the +$0.55bn deterioration seen in the previous quarter.
The single June quarter saw Industry Funds shed –$1.58 billion to SMSFs, an improvement on March's –$1.91 billion and continuing to ease from the back-to-back record quarters of –$2.21bn and –$2.17bn recorded in late 2025. However, the quarter net outflow of $1.58 bn was greater than the previous June 2025 quarter of $1.48 bn
Retail Funds recorded a net inflow from SMSFs this quarter — +$0.21 billion — the first positive quarter for Retail Funds since June 2023. On a rolling annual basis this pulled Retail's SMSF drain back to –$2.17 billion (from –$2.50 billion at March).
Chart highlights the net transfers from Industry, Public, Corporate and Retail Funds to and from SMSFs - The transfers from Industry Funds has increased steadily over recent times.
The Telstra Super / Aware Super Merger — Total Net Transfers Inc SMSF Transfers, Rolling 12 Months (D7)
Once all transfers are included (SMSFs plus movements between APRA funds), this quarter's numbers carry a large one-off: the merger of Telstra Super into Aware Super. Industry Funds recorded a net outward transfer of –$32.7 billion for the quarter (versus –$3.5bn in March), while Public Sector Funds recorded a net inward transfer of +$26.3 billion (versus –$1.5bn in March) — this is the merger, not a change in underlying flow preference.
Because of this, Industry Funds' rolling annual total net transfers swung to around –$44.7 billion for the year to June 2026 (from –$15.8 billion at March). We'd treat that figure as a one-off rather than a signal, and expect it to fall out of the rolling window over the next three quarters.
Retail Funds' rolling annual total net transfers held broadly steady at around +$13.3 billion (from +$13.7bn), unaffected by the merger and a cleaner read of the underlying trend.
For Retail Funds, they have now gone nine straight quarters of positive net transfers against all funds. This is quite extraordinary given it had previously only had three positive quarters over the previous 25.
Net Contributions — Total Funds In Versus Total Funds Out (D5)
This measure also captures net transfers, so it too carries the Telstra Super / Aware Super merger. Industry Funds' rolling annual net contribution flow fell sharply to $26.0 billion (from $50.7 billion) and Public Funds' rose sharply to $28.6 billion (from $1.9 billion) — both moves are the merger flowing through, not a genuine shift in contribution or benefit-payment trends. We'd expect this to normalise over coming quarters as the event drops out of the rolling window.
Retail Funds' rolling annual net contribution flow held steady at $24.0 billion (from $23.7bn), unaffected by the merger and a cleaner read this quarter.
On benefit payments (D6): Industry Funds paid $16.12 billion in benefits in the quarter ($10.96bn in lump sums, $5.16bn in pensions); Retail Funds paid $15.17 billion ($8.55bn lump sums, $6.61bn pensions). Retail still pays more in pension benefits on a single-quarter basis, consistent with recent quarters.
Investment Returns (D3)
After March's rare loss, this was one of the strongest quarters on record for all fund types.
On a rolling 12-month basis, returns lifted to 9.0% (Industry), 8.5% (Public) and 7.8% (Retail), up from the 7–8% range at March. Industry Funds remain ahead on this measure.
Five-year annualised returns improved across the board as the strong June quarter entered the window: Industry 6.7% (from 6.4%), Public 6.6% (from 6.3%) and Retail 5.8% (from 5.6%).
Expenses (D10)
Industry Funds continue to report materially lower administration and operating costs as a share of assets than Retail Funds — this quarter's ratios (0.045% vs 0.152% of assets, on a quarterly basis) are consistent with recent trends.
Industry Funds continue to carry higher investment expenses as a share of assets (0.077% vs 0.037% for Retail), consistent with their greater use of direct and in-house investment management.
Note - Asset Allocations to be updated upon data release from APRA
Asset Allocation (D8) Note data updated to March 2026
Industry Funds directly manage around 66% of assets; Retail Funds just under 12%.
APRA's investment allocation data now extends to 31 March 2026, so we can track how the four asset classes have shifted across three consecutive March quarters (2024, 2025 and 2026). The headline remains the same: Industry and Retail Funds are built differently, and the gap is holding firm rather than closing.
The listed-versus-unlisted divide is still the defining difference
Infrastructure is where the two sectors diverge most. Industry Funds hold around 10.9% of all assets in infrastructure at March 2026, versus just 4.2% for Retail, and almost all of Industry's exposure is unlisted (around 9.7% of assets, against just 1.7% for Retail). This is the structural feature that most clearly separates the two models.
Property tells a similar, smaller story. Industry Funds carry more unlisted property (around 5.0% of assets vs 1.5% for Retail), while Retail Funds lean toward listed property (3.9% vs 1.6%). Both sectors trimmed property modestly over the three years - Industry from 7.4% to 6.6%, Retail from 6.2% to 5.5%.
Unlisted equity follows the same pattern: Industry sits around 5.1% of assets, Retail just 1.9% and falling (down from 2.8% in 2024).
Where the three-year drift shows up
Equities rose for both, but Industry moved more, its core equity weight climbed 3.7 points, from 55.3% (March 2024) to 59.0% (March 2026), narrowing what was a clear Retail lead. Retail edged up just 0.6 points to 60.3%. Notably, almost all of Industry's lift came through unhedged international listed equity (up 4.2 points to 25.8%), suggesting a greater willingness to carry currency exposure.
Cash is the cleanest divergence of the three years. Industry Funds cut cash from 8.6% to 6.3%, while Retail Funds lifted cash slightly, from 9.0% to 9.4%. Retail Funds now hold meaningfully more cash than Industry.
Fixed income moved in opposite directions too: Industry trimmed from 19.5% to 18.3%, Retail nudged up from 18.9% to 19.4%. The two have essentially swapped places, with Retail now carrying the larger defensive bond weighting.
Industry Funds directly manage around 66% of assets; Retail Funds just under 12%.
Key allocation differences remain in Infrastructure (Industry ~10.6% vs Retail ~3.9%) and Property (Industry ~6.7% vs Retail ~5.8%), where Industry Funds maintain materially higher exposures.
Core Assets Allocations By Q1 from 2024 to 2026. Comparing Industry and Retail Funds
Source: APRA Quarterly Superannuation Statistics; ATO SMSF Statistics; ABS population data; Wealth Data financial adviser numbers. Figures use end-of-quarter net assets and may differ slightly from APRA's headline "Key Statistics" totals.
