Industry funds dominate on scale, AUM

Mike Taylor

Managing Editor and Publisher

12 March 2026

The latest quarterly superannuation data released by the Australian Prudential Regulation Authority has reinforced the growing dominance of industry superannuation funds in terms of both member numbers and assets under management (AUM).

The December 2025 quarter data reveal total investments on the part of industry funds of $1,608,711 million out of an industry total of $3,029,262 million meaning the not for profit funds accounted for around half of industry asset allocation for the period.

The data also confirm industry funds holding higher exposures to infrastructure, including both unlisted global and domestic infrastructure.

By comparison, the industry funds had a lower exposure to cash accounting for 5.15% of investments compared to8.56% for retail funds and 12.3% for corporate funds.

The APRA data revealed a total of $2.83 trillion in superannuation member assets with the bulk of that held in Choice products.

It revealed $1,185 billion held in 51 MySuper products across 14.9 million member accounts, compared to $1,500 billion held in 729 Choice products across 7.8 million accounts.

The data show little change in the proportion of assets held in platform products, with $424 billion in assets representing 28.3% of all choice product assets.