Background: Australia’s superannuation industry is a giant, sitting at more than $4.3 trillion under management. Contributions keep flowing in every year, which means the fight for super dollars is getting more intense.

What happened: New data shows that industry super funds are pouring tens of millions into marketing and sponsorships to attract members. Aware Super topped the spending list with $48.6 million last year, while Hostplus and Australian Retirement Trust followed with roughly $35 million each.

What else: Now regulators want answers. Industry funds now carry the burden of proving that splashy ads and sponsorships truly serve member interests. Regulators are unconvinced, and the gap in marketing spend between industry funds and retail funds is becoming harder to ignore.

What's the key learning?

💡If a not-for-profit is spending members’ money, it must show that the spend genuinely benefits members in measurable ways.

💡Industry funds argue that marketing drives long-term value by attracting new members, boosting scale, and lowering fees. But any marketing that lifts brand visibility without improving financial outcomes is hard to justify.

💡Retail funds spend far less by comparison, highlighting the imbalance: Colonial First State at $5.1 million, Vanguard Super at $7.9 million, while industry funds push far higher budgets - a gap APRA is now scrutinising closely.