Most members should receive their annual statements by mid November.
When will you receive your statement?
Choice Income/TTR Income
From 8 September
Super
From 4 October
If you became a member after 30 June 2023, you won’t receive an annual statement. You can either log into your online account or download the AustralianSuper app to:
- view your transactions
- review your insurance cover, or
- update your details.
Download the app or visit our homepage to log into your account.
How to access your statement online
If you’ve provided us with your
email address, you will most likely receive an online statement this year. We’ll
send you an email to let you know when it’s available to be downloaded. You can
download a PDF copy of your statement by logging into your online account.
If you
haven’t registered for an online account, you can do this now, via our homepage. Click the Login button to get
started. Remember to have your member number handy.
Update for the financial year 2022-23
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Show transcript
Hello.
I'm Paul Schroder, Chief Executive of AustralianSuper, and I'm pleased to provide you with an update for the financial year to June 30, 2023.
This year the Fund delivered solid investment returns for members and continued to be a top performer over the long term.
High inflation, rising interest rates and uncertainty about the domestic and global economic outlook have been challenges this year for all of us.
Our experienced global team of investment professionals actively invest your retirement savings with a singular focus to achieve strong long-term returns for you.
The Balanced investment option, where most members invest, achieved a return of 8.22% this year.
Over the last 10 years, the average return for this option was 8.6% each year.
Over the last 20 years, it was 8.12% and 9.28% since the Fund started 38 years ago.
The Choice Income pension Balanced option achieved a return of 9.03% this year, with an average return of 9.48% each year over the last 10 years.
With the expected weaker economic growth in the short to medium term and continued volatility in investment markets, we're likely to see modest returns over the next few years.
However, superannuation is a long term investment.
A young member joining the Fund today could be invested for 60 years and members entering retirement may be invested for several decades.
So, a focus on the long-term return is important and can give a better perspective than short term results.
As Australia's largest super fund, we continue to expertly manage nearly 300 billion dollars of retirement savings for you and over 3 million other members of the Fund.
We use our size to benefit members.
We're focused on delivering strong long-term investment performance and lower fees for you.
In the past year, we maintained or reduced administration fees for more than 2.3 million members.
In May 2023, around 1.3 million members with insurance saw their premiums decrease an average of 11%.
We’re regularly reviewing our products and services to help support you better.
We're focused on making it simpler and easier for you to get the right help, information and advice you need.
In light of the ongoing economic uncertainty, you can be confident that AustralianSuper remains committed to helping you achieve your best financial position in retirement.End transcript
General FAQs
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When will I receive my 2022/23 annual statement?
From 8 September, Choice Income and TTR statements will commence being emailed and mailed.
From 4 October, Accumulation statements will commence being emailed and mailed.
Members who have registered their email address with AustralianSuper will receive an email notifying them that their statement is available to view in their online account.
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When will I see my 2022/23 annual statement appear in my online account?
We will send you an email once your annual statement is ready to view online. This will be from 12 September for Choice Income or TTR Income members and 16 October for accumulation members.
If you have an online account, you can download your statement. Just log into your account and follow the prompts to your communications inbox. If you don’t have an online account yet, you can register for one in just a few minutes.
Once registered for an online account, you can view your statement on our app.
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What’s included in this year’s statement?
Members will receive:
- a letter from AustralianSuper CEO Paul Schroder
- 2022/23 annual statement
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How do I update my contact details?
You can either log into your account or download the AustralianSuper app to update your contact details. If you want to update your mobile phone number, you must call the contact centre. -
How do I change my contact preference from email to mail OR from mail to email?
You can change the way we contact you, through your online account.
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What does date joined Fund and date joined plan mean?
Date joined Fund refers to the date you first joined AustralianSuper. Date joined plan is the date you joined your current plan.
Examples of a 'Plan" include the AustralianSuper Plan, Personal Plan, TTR Income and Choice Income.
Projection FAQs
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What’s a retirement income projection?
A projection is an estimate of how much income you could get when you retire, based on a number of assumptions and the balance in your AustralianSuper account at 30 June 2023.
The amounts are shown in today’s dollars and are based on a specific set of assumptions prescribed by the regulator, ASIC. If you have a projection graph on your statement, the relevant assumptions are covered on page 2 of your statement.
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Why didn’t I get a projection on my statement?
Projections are not provided on your annual statement this year. You can use our online Super Projection Calculator. It helps estimate how much money you could get in retirement. -
If I want to calculate how much I need to retire, how can I do that?
You can use our online Super Projection Calculator. It helps estimate how much money you could get in retirement, how long your super could last and how adding a few extra dollars to your super now, could make a big difference when it’s time to retire.
Fees
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Why have some administration fees been deducted from investment returns?
If you have a super account, your administration fee was $2.25 per week plus up to 0.04% pa of your account balance up to 2 September 2022.
From 3 September 2022, your administration fee is $1.00 per week plus 0.10% pa of your account balance capped at $350 pa.
The $1.00 per week (or $2.25 per week before 3 September) is calculated weekly and deducted monthly from your account.
Before 3 September 2022, the percentage component of up to 0.04% pa of your account balance is deducted daily from investment returns, before returns are applied to your account.
From 3 September 2022, the percentage component of 0.10% pa of your account balance is deducted monthly from your account. The 0.10% Asset-based administration fee is capped at $350 for any one financial year ending 30 June. The annual cap is applied monthly, pro-rated based on the number of Fridays in the month.
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When did the administration fees change for my super account?
If you have a super account, this table compares the previous admin fee (before 3 September 2022) and the new admin fee you pay from 3 September 2022.
Admin fee breakdown Previous admin fee before
3 September 2022New admin fee for super accounts
from 3 September 2022Flat fee deducted monthly from your account balance $2.25 a week† $1.00 a week
Percentage fee deducted from before-tax investment returns up to 0.04% pa of your account balance Nil Asset-based fee deducted monthly from your account balance Nil 0.10% pa of your account balance capped at $350 pa -
When did the administration fees change for my TTR Income or Choice Income account?
If you have a Choice Income or TTR Income account, this table compares the previous admin fee (before 1 September 2022) and the new admin fee you pay from 1 September 2022. This means you may pay a lower admin fee from 1 September 2022, depending on your account balance then.
Admin fee breakdown Previous admin fee before
1 September 2022New admin fee for choice income and ttr income accounts from
1 September 2022Account-keeping fee deducted monthly from your account balance $2.25 a week†‡ $1.00 a week
Asset-based fee deducted monthly from your account balance 0.11% pa of your account balance capped at $750 pa 0.10% pa of your account balance capped at $600 pa -
Why do I have a Tax benefit on the administration fees?
If you have super account or TTR Income account, from September 2022 you will receive a tax benefit of 15% on any administration fees deducted directly from your account. The tax benefit has been paid directly into your account on the last Friday of the month for super account or the last day of the month for TTR Income account.
Contributions
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What do I do if my employer hasn’t made my contributions?
Talk to your employer first. If you’re unable to resolve your unpaid super query with them, visit the ATO website or call them on 13 10 20 for a step-by-step guide on how to recover missed or underpaid super.
If you’re an employee aged 18 or over then you’re generally eligible to receive SG super contributions. Remember, for the 2022/23 financial year, it is compulsory for employers to pay at least 10.5%1 of your salary to an eligible super fund like AustralianSuper. These payments need to be made by quarterly deadlines set by the ATO.
1 11% from 1 July 2023 -
All my contributions are not listed?
All contributions should be listed on your annual statement, but if in the last couple of days in June we hadn’t received the money, it won’t appear in your statement this financial year. You should see this contribution on your next statement or you can login to your account to view it. If you’re still experiencing issues, please contact your employer.
Investments
You can find investment updates and supporting investment educational material on our website.
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How did my super/retirement income account perform over the financial year?
Your annual member statement will report the amount of investment returns for your account. The investment returns you receive will depend on the investment option you are invested in and any transactions that have occurred during the financial year, such as switches between investment options, contributions and withdrawals.
Your 2022/23 investment returns
AustralianSuper’s Balanced investment option (Accumulation) returned 8.22% and the Balanced option for Choice Income (Retirement) accounts returned 9.03% for the 2023 financial year1. AustralianSuper has consistently delivered strong long-term performance for members. Over the last 10 years to 30 June 2023, the Balanced investment option has generated an average return of 8.60% each year for super accounts and 9.48% each year for Choice income accounts1.While high inflation and interest rate rises increased market volatility, this year’s solid investment result highlights the resilience of the portfolio in the face of economic and market headwinds. Listed shares were the largest contributor to the Balanced option’s positive performance in FY23. Both international and Australian shares performed well, and we saw meaningful contributions from the Fund’s investments in unlisted infrastructure and private credit. Meanwhile, rising interest rates continued to challenge performance of fixed interest and property investments.
The ups and downs of different asset classes over the year highlights the importance of investing in a diversified portfolio across different asset classes, geographies and sectors – a cornerstone of our investment approach. Our long-term investment strategy is designed to be resilient when markets move up and down. Diversification helps reduce overall risk, protecting against losses in single asset classes and improving the chances of achieving consistent returns over time. As the economic cycle progresses, we will continue to adjust the portfolio to manage risk and take advantage of long-term investment opportunities. We actively position the portfolio to help deliver the best outcomes for members over the long term. done over the long term.
1Remember that investment returns are not guaranteed and past performance is not a reliable indicator of future returns.
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How has AustralianSuper performed relative to other funds?
Balanced option Super and TTR Income – returns to 30 June 2023
Source: AustralianSuper data as at 30 June 2023. Benchmark data: SuperRatings SR50 (Balanced (60-76) Index- median return. Returns from equivalent investment options of the ARF and STA super funds are used for periods before 1 July 2006. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.SUPER RETURNS AS AT 30 JUNE 2023 AUSTRALIANSUPER
BALANCED OPTIONBENCHMARK – MEDIAN FUND 1 year 8.22% 9.05% 5 years p.a. 6.72% 5.88% 10 years p.a. 8.60% 7.32% 15 years p.a. 7.11% 6.40% 20 years p.a. 8.12% 7.61% Balanced option for Choice Income accounts – returns to 30 June 2023
ACCOUNT BASED PENSION - CHOICE INCOME BALANCED OPTION RETURNS AS AT 30 JUNE 2023 BALANCED OPTION - CHOICE INCOME BENCHMARK – MEDIAN FUND 1 year 9.03% 10.06% 5 years p.a. 7.31% 6.48% 10 years p.a. 9.48% 8.20% 10 years p.a. 8.00% 7.18% Source: AustralianSuper data as at 30 June 2023. Benchmark data: SuperRatings SRP50 Balanced (60-76) Index- median return. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
The Balanced option has provided strong returns and outperformed its investment objectives to beat the median fund1 and the CPI +4% over the medium to long term.
The Balanced option is positioned defensively due to the challenging investment outlook. The option has a reduced allocation to growth assets, such as Australian and international shares, while increasing the allocation to defensive assets like fixed interest. This defensive positioning has led to lower performance compared to many peer funds over the past year due to listed markets performing better than expected and the resiliency of economic growth in the face of increasing interest rates and high inflation.
1SuperRatings Fund Crediting Rate Survey – SR50 Balanced (60-76) to 30 June 2023.
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What were the investment fees over the FY23 and how do they compare to previous years?
Balanced option investment costs
For the 2022-23 financial year the investment fees and costs plus transaction costs for the Balanced option were 0.56%, compared to 0.69% for the previous 2021-22 financial year. Fees and costs have several components including investment fees and costs, performance fees and transaction costs.The primary contribution to the lower fees and costs in the 2022-23 financial year was lower transaction costs in the portfolio, largely due to a lower level of private market transaction activity. These costs can vary each year based on the level of transaction activity in the portfolio which can affect the amount incurred for items such as brokerage costs, stamp duty, due diligence costs and buy-sell spreads.
Investment fees and costs include a range of expenses incurred, which include internal and external management costs, as well as custody, derivative, audit and administration costs relating to investments. These costs can vary from year to year and have trended lower over the past five years, from 0.51% in financial year 2017-18 to 0.40% in financial year 2022-23, due to the reduced cost of internal management and benefits of scale as member assets increase.
Performance fees are paid to some external investment managers for generating outperformance over a benchmark and are based on the average performance fees paid over the last five financial years.