In short:
New commissioned research estimates Australian retirees will spend about $121 billion from their superannuation in 2026, including $28.5 billion in Victoria. The figures come as many in Canberra debate allowing early access to the retirement scheme.
Super Payouts Double The Age Pension
Australian retirees are expected to spend about $121 billion from their superannuation in 2026, according to new research commissioned by the Super Members Council.
The modelling, conducted by ACIL Allen, comes as Australia’s compulsory superannuation system continues to mature after more than three decades, with Australians now holding about $4.8 trillion in super.
According to the Super Members Council, retirees received more than twice as much in super retirement benefits in 2025 as was paid through the Age Pension.
In Victoria, the commissioned research estimates retirees will spend about $28.5 billion from super this year.
The report also estimates that spending will support about 123,000 full-time equivalent jobs in Victoria and more than 485,000 nationally.
Those figures are based on economic modelling commissioned by the council rather than a direct count of jobs.
Hot Political Debate About Accessing Super Early
Retiree spending from super flows across everyday expenses including groceries, utilities, transport and insurance, as well as tourism, hospitality and home improvements, according to the report.
The research comes days after One Nation proposed allowing eligible renters and mortgage holders to redirect a quarter of their future compulsory super contributions into their take-home pay for up to three years.
Labor has publicly opposed the proposal, while the Liberals have so far withheld support rather than formally backing the policy.
The Coalition has previously supported a different form of early access to super, proposing eligible first-home buyers be allowed to access up to $50,000 of their existing retirement savings towards a home deposit.
The competing proposals have renewed debate over how strictly super should be preserved for retirement and whether Australians should have greater access to their savings earlier in life.
