AustralianSuper

AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria. With approximately one in every ten Australian workers as members, it is Australia's largest superannuation fund.[3]

AustralianSuper
TypeNon-Profit
IndustryIndustry superannuation
Predecessors
  • Australian Retirement Fund (ARF)
  • Superannuation Trust of Australia (STA)
Founded1 July 2006 (2006-07-01)
Key people
Paul Schroder
(CEO)
Mark Delaney
(Deputy CEO and CIO)
ProductsSuperannuation
AUMIncrease A$245 billion
(30 Jun 2021)[1]
Members2.47 million (30 Jun 2021)[1]
Number of employees
894 (30 Jun 2020)[2]
Websitewww.australiansuper.com

AustralianSuper is an industry superannuation fund run only to profit members. AustralianSuper has a MySuper authority, meaning it can accept default contributions from an employer on behalf of employees who have not nominated a superannuation fund. AustralianSuper also offers a 'Member Direct' option,[4] allowing users greater control in selecting a portfolio of Australian shares, ETF's, term deposits and cash. AustralianSuper is owned by the Australian Council of Trade Unions (ACTU) and employer peak body the Australian Industry Group (Ai Group).

History

AustralianSuper was established on 1 July 2006 through the merger of Australian Retirement Fund (ARF) and Superannuation Trust of Australia (STA).[5] Ian Silk, who was the CEO of ARF, became the CEO of AustralianSuper; while Mark Delaney, who was the CEO of STA, became the Deputy CEO and CIO of AustralianSuper.

As of 2017, AustralianSuper had more than A$120 billion assets invested around the world, including shares, transport infrastructure, office blocks, and shopping centres;[6] including two-thirds of London's Kings Cross Central development.

As of June 2018, AustralianSuper was managing approximately A$140 billion for 2.2 million members,[7] growing to A$155 billion in May 2019.[8]

In June 2022, Labour Union Co-operative Retirement Fund (LUCRF) Super was merged into AustralianSuper.[9]

In 2022, the company launched a new digital platform including a new online portal and mobile phone applications. The updates were met with severe criticism as members were unable to access their accounts and were unable to get any answers from the customer support portals.[10]

See also

References
  1. "Annual fund-level superannuation statistics back series June 2004 to June 2021".
  2. "AustralianSuper Annual Report 2020" (PDF).
  3. "About us". AustralianSuper. Archived from the original on 2018-06-25.
  4. "Member Direct". AustralianSuper. Archived from the original on 2018-09-11. Retrieved 2019-08-21.
  5. "AustralianSuper Annual Report 2007" (PDF). AustralianSuper. Archived (PDF) from the original on 2020-11-02.
  6. "AustralianSuper Annual Report 2016-17" (PDF). AustralianSuper. Archived (PDF) from the original on 2018-08-03.
  7. "AustralianSuper Annual Report 2017-18" (PDF). AustralianSuper. Archived (PDF) from the original on 2019-07-18.
  8. Yeates, Clancy (2019-05-31). "AustralianSuper's Ian Silk 'staggered' at $16b inflows". The Sydney Morning Herald. Archived from the original on 2019-05-31.
  9. "Conservative headline act at CPAC is no Tupac". 2 August 2022.
  10. Sharples, Sarah (9 January 2023). "AustralianSuper plagued with upgrade issues, users locked out of accounts". News.com.au. Retrieved 9 January 2023.
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