Super Balances Rise, Yet Gap Widens
New analysis by the Super Members Council reveals that Australians’ super balances are increasing. In 2023/24, super balances grew by an average of 5.5%. However, the gender super gap remains a pressing issue, particularly for those approaching retirement.
In 2023/24, the super balances of Australians aged 60 to 64 grew, yet the gender gap widened to 26%, up from 20.5% in 2016-17. Median super balances for men in this age bracket increased by 7.4% to approximately $236,000, while women’s balances grew by 7.0% to about $175,000. This disparity highlights the ongoing financial challenges many women face upon retirement.
Super Members Council CEO Misha Schubert remarked, “Super balances are growing, which is great news for millions of Australians’ retirement incomes, but women are still retiring tens of thousands of dollars behind men, and that gap must be fixed.”
The Council has praised recent government reforms such as payday super laws and paying super on paid parental leave. Despite these advances, the Council advocates for further measures including removing part-time work exclusions for under-18s and enhancing super coverage for carers.
Women’s median super balances are lower than men’s in every state, with the narrowest gap in the ACT at 94% and the widest in WA at 69%. Nationally, women’s balances are 20% lower than men’s. The Council also highlights that life events like separation and caregiving can severely impact women’s retirement savings, potentially leaving them with up to $95,000 less in super. Many women face the additional burden of unpaid caregiving for older relatives, which can lead to early retirement or part-time work.
With the Super Guarantee rate now at 12%, super balances are expected to continue growing. However, without additional reforms, the gender super gap is likely to persist. The Council calls for urgent action to address the outdated exclusion of part-time under-18 workers from super guarantees. This law particularly affects young women, recreating the gender super gap for the next generation from the start of their working lives.
Despite making extra personal contributions at a slightly higher rate than men, women still retire with significantly less in super. They contribute 11.6% on average, compared to men’s 10%, yet retire with 26% less. The Super Members Council commends the Government’s efforts to close the gap, including reforms like the Low-Income Super Tax Offset. However, comprehensive strategies are essential for ensuring future financial equality.
Last updated: 29 June 2026, 11:48 am
