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Super's double dividend: Retiree super spending now injects $121 billion a year into the Australian economy and supports almost half a million jobs

Super Members Council

New research shows Australia’s world-leading superannuation system now supports retirement spending worth double the Age Pension each year, significantly lifting retiree living standards and their spending power.

And those higher levels of retiree spending then deliver a wider economic boost - strengthening Australia’s economy, supporting jobs, and backing businesses and communities across the country.

New ACIL Allen research commissioned by the Super Members Council and launched in Canberra today, surveyed around 2,000 Australians aged 60 or over.

The economic benefits of investing Australians' super savings are well researched, but this report goes further — it is the first to show how retirees' spending drives economic activity in specific industries and supports hundreds of thousands of jobs.

It finds that Australia’s retirees will spend around $121 billion from their superannuation in 2026, supporting over 485,000 full-time equivalent jobs. This grows the Australian economy and supports jobs and wages for working-age Australians to pay for the things their families need.

"Australia's super system is a great economic success story,” says the Council’s CEO Misha Schubert. “It is giving millions of Australians much stronger financial security in retirement, with more money to live on - and their higher spending strengthens the broader economy, supporting jobs and businesses in communities nationwide.”

The findings come as Australia's superannuation system enters a new phase of maturity. After more than three decades of compulsory super, Australians now have around $4.8 trillion in super.

Having super ensures today’s retirees have higher incomes, helping them to live more comfortable lives – and their super income powers spending across the economy that sustains jobs, businesses and economic activity that benefit working-age Australians.

In 2025, retirees were paid more than twice as much in super retirement benefits than the Age Pension.

And their retirement savings - invested and compounded over decades - are now flowing back into the whole economy through super-enabled retiree spending on everyday goods and services.

The report found retiree spending from their super flows into supermarkets and food producers, transport providers, trades and construction businesses, tourism and hospitality operators, insurers and financial service providers, and essential household services across Australia.

"Every time a retiree uses their super savings to buy groceries, pay a utility bill, visit family, take a holiday, or make a long-awaited home improvement, their spending helps power Australian jobs and support local businesses. Those benefits ripple through communities large and small, from our biggest cities to regional and rural Australia,” Ms Schubert said.

She said the findings reinforced the long-term value of safeguarding and strengthening Australia's compulsory superannuation system on which 17 million everyday Australians now rely.

“This research is a powerful reminder that your super being preserved until retirement means you’ll have a decent income in the years when you no longer draw a pay cheque from work.”

 

Superannuation spending in 2026

State	Superannuation spending	Jobs supported
NSW	$44.5 billion	181,100
VIC	$28.5 billion	123,000
QLD	$22.3 billion	90,600
WA	$10.8 billion	33,300
SA	$9.9 billion	40,100
TAS	$2.5 billion	10,700
ACT	$2.6 billion	6,400
NT*	$0.1 billion	200

Note: NT was included in this analysis for completeness but had a low survey response of less than 10 respondents with superannuation income. Jobs supported rounded to the nearest 100, spending and economic benefit rounded to the nearest $100 million.

 

Jobs supported by industry

 

Sector	Jobs supported
Retail Trade	75,300
Accommodation and Food Services	58,500
Construction	52,400
Manufacturing	39,500
Professional, Scientific and Technical Services	38,900
Financial and Insurance Services	33,800
Other Services	30,500
Health Care and Social Assistance	28,800
Administrative and Support Services	26,700
Transport, Postal and Warehousing	24,900
Wholesale Trade	15,600
Agriculture, Forestry and Fishing	11,100
Arts and Recreation Services	9,900
Electricity, Gas, Water and Waste Services	9,900
Public Administration and Safety	9,600
Information Media and Telecommunications	9,400
Rental, Hiring and Real Estate Services	7,200
Education and Training	2,100
Mining	1,400

Note: Jobs supported rounded to the nearest 100.

 

ENDS

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