New Australian superannuation figures suggest that retirees need substantially larger savings than most working-age Australians currently hold to fund a “comfortable” retirement. The report also highlights the growing political dispute over whether people should be allowed to withdraw super early during the cost-of-living crisis, with supporters of preservation arguing that early access would reduce retirement incomes and increase reliance on pensions.

The Association of Superannuation Funds of Australia estimates a single homeowner needs $630,000 in super and a couple $730,000 combined, against annual comfortable-retirement spending of $55,923. Average balances are $202,644 for men and $164,206 for women, while among 60–64-year-olds the mean is $371,379 and median $203,326; almost half are said to meet the comfort standard. About 56 per cent of people over 95 receive a full or part Age Pension, down from 70 per cent in 2012.