Australians see ‘dramatic growth’ in wealth via super: SMC

Yasmine Raso

Senior Journalist

27 March 2026

A new research report released by the Super Members Council (SMC) confirming wealth levels for middle Australians have almost tripled in the past two decades as a result of a five-fold increase in superannuation has underscored its support of the launch of Parliamentary Friends of Superannuation earlier this week.

Formed last year, the non-partisan friendship group is represented by co-chairs Senator Lisa Darmanin, Senator Nick McKim and newly-appointed Shadow Assistant Treasurer Kevin Hogan and joins the council in its “shared stewardship of super to deliver for 17 million everyday Australians”.

In a statement, the SMC said Parliamentary friendship groups are a “highly effective and well-established mechanism for Parliamentarians and their staff to engage with systems, sectors and policy areas that are hugely important to everyday Australians”.

SMC chief executive, Misha Schubert, said the group’s establishment indicates there is a “shared commitment from right across Parliament to ensure the super system continues to work in Australians’ best financial interests”.

“Super is one of Australia’s shining economic and social policy achievements, and it’s crucial that policymakers from across the full breadth of the Parliament have a valuable forum to engage with sectors and organisations on how to protect and strengthen it for current and future generations,” she said.

“We’re delighted to have supported the launch of the newly formed Parliamentary Friends of Superannuation, just as countless other member associations and groups in other sectors support these types of forums in a wide array of policy areas.”

This follows in the wake of a new report, titled The power of super: Building wealth for everyday Australians, released by the SMC earlier this week which found from 2002 to 2022 there had been a 196 per cent increase in non-housing wealth levels (in wage-adjusted terms) for middle Australians who have recently retired.

At the same time, the report also confirmed that the median super balance of Australians apporaching retirement now sits at approximately $208,000 – or $179,000 for women and $241,000 for men.