Updated on 29 November 2023
6 min read
Australia first had a super-style retirement pension in the 1800s.
For example, the Bank of Australasia – which became ANZ Bank – created a "superannuation fund" for its staff in October 1842. This was based on the UK's super pension system.
More than 100 years later, it became compulsory for employers to pay superannuation for most workers.
And these days, there are 24 million super accounts in Australia (Association of Superannuation Funds of Australia (ASFA), 2023). There’s 26 million people living here, but some people have more than one account (Australian Bureau of Statistics (ABS), 2023).
There's more than $3.5 trillion invested in the superannuation industry, so it's a big part of Australia's economy.
Until the 1980s, super was only for public servants (government employees) and white collar employees of large corporations.
This was separate to the Age Pension, which began as an old age pension paid by state governments from 1900 onwards.
So when we're talking about how long superannuation has been around, it's been quite a while.
Our members are part of one of the first super funds in the country. We started in 1913, as the Public Service Superannuation Fund for Queensland Government workers.
This super fund was known as QSuper until it combined with Sunsuper in 2022, creating Australian Retirement Trust. Today, anyone can join us here at ART.
In the mid-1800s, some government employers and large corporations started setting aside money to pay workers a pension.
But more employers picked it up in the 1900s, largely thanks to Australia's unions.
As far back as the 1920s, the unions were encouraging employers and the government to protect retired workers. They said everyone has a right to a decent, dignified, and supported life when they can't work anymore.
Working together, the unions and super funds pushed for a compulsory superannuation system. These days, most employees in Australia receive super.
The superannuation industry had big changes in 1992. That's when compulsory super, also called the superannuation guarantee (SG), started in Australia.
The government, led by Prime Minister Paul Keating, made a law for employers to pay 3-4% of their workers' wages into a super fund.
This was a big deal because it meant almost everyone would have some savings for life after work.
The amount of super employers have to pay slowly got larger over time. While the SG was only 3-4% when introduced – by 2002, it was 9%, and it's still going up. In 2025, it's set to be 12% of your pay. Find out more.
At ART, if your total balance for your Super Savings accounts is under $6,000, your fees won't be more than 3% of your account balance. We'll refund any amount you pay above this limit, called the low balance fee cap.
As people get older around Australia, there's more pressure to make sure everyone retires with enough money to live on. Some people say increasing the SG rate to 12% might still not be enough. We don't know if the law will change again in the future.
Superannuation in Australia has come a long way since it began in the 1800s. It's become a big part of our financial future.
Because super funds invest the money in their fund in things like stocks, property, and bonds, they're a big deal for Australia's economy.
Of course, the main reason super funds invest your money is to grow your balance, so you hopefully have more super when you retire.
It's important that you check on your super regularly. Ask us if you have any questions about how your super account works.
Join 2.3 million Australians who trust us with their retirement savings. Find out why we're not just one of the oldest super funds – we're also one of the most popular.
Why choose ARTLearn about the different ways you can add money to your super, such as salary sacrificing or voluntary contributions.
Did you know the less you pay in fees on your super account, the more money you could have in retirement? Understand what you can expect to pay.
If you have more than one super account, you could be paying multiple fees. Learn how to consolidate your super today.