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Retirement

1 in 8 Aussies has 3 or more super accounts

  • October 23 2019
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Retirement

1 in 8 Aussies has 3 or more super accounts

By Grace Ormsby
October 23 2019

One in eight Australian superannuation account holders still holds three or more separate super accounts despite the recent push towards consolidation, according to new data from the Australian Taxation Office.

Super accounts

1 in 8 Aussies has 3 or more super accounts

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  • October 23 2019
  • Share

One in eight Australian superannuation account holders still holds three or more separate super accounts despite the recent push towards consolidation, according to new data from the Australian Taxation Office.

Super accounts

More encouragingly, the statistics also showed that over the five years prior to 30 June 2018, the number of individuals who had consolidated their superannuation had steadily increased, with the effect that more than 10 million Australians now hold just one super account.

Twenty-three per cent of all Australians still hold two accounts, which may be attributable, in part, to the insurance benefits that multiple accounts can offer some individuals

It means that 87 per cent of the Australians who are members of super funds have just one or two super accounts to their name and is a 5 per cent improvement on 2015’s statistic of 82 per cent.

The remaining 13 per cent have three or more separate accounts, which is 5 per cent lower than 2015’s 18 per cent.

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Approximately 8 per cent of individuals hold three accounts, while 3 per cent have four super accounts to their name.

One per cent of individuals have five super accounts, while the same proportion hold six or more accounts.

It’s best practice to combine multiple super accounts and transfer account balances into one streamlined account where compounding interest can best work its magic. 

1 in 8 Aussies has 3 or more super accounts
Super accounts
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About the author

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Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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