How concentrated is Australia's MySuper market?
Australia’s MySuper market contains 52 products, but assets are much more concentrated than that headline number suggests. The ten largest products hold 74.5% of MySuper assets, while the market has the same concentration as roughly 13 equally sized products.
Australia's MySuper market contains 52 products holding about $1.21 trillion in member assets, according to APRA's 2025 Comprehensive Product Performance Package.
But simply counting products can give a misleading picture of competition because their size varies enormously. AustralianSuper's MySuper product alone holds around $239 billion, while a number of products have assets below $1 billion.
One way of measuring that concentration is the Herfindahl-Hirschman Index (HHI). The calculation squares each product's share of total MySuper assets and then adds the results together. This gives much greater weight to the largest products than a simple product count.
The results show a market that is concentrated at the top, but not dominated by only a handful of products. Across 52 MySuper products holding $1.21 trillion in member assets, the HHI is 793, which is well under the 2000 index level identified by the ACCC as a level of concern about market power.
AustralianSuper is by far the largest individual product with 19.8% of assets, while the four largest products together account for 43.8%. The ten largest products hold almost three-quarters of all MySuper assets — 74.5%.
| Measure | Result |
|---|---|
| MySuper products | 52 |
| Total MySuper member assets | $1.21tn |
| Herfindahl-Hirschman Index (HHI) | 793 |
| Largest product share | 19.8% |
| Top four products — asset share | 43.8% |
| Top ten products — asset share | 74.5% |
| Equivalent number of equally sized products | 12.6 |
| # | MySuper product | Assets | Share |
|---|---|---|---|
| 1 | AustralianSuper MySuper AustralianSuper | $239.0bn | 19.8% |
| 2 | Aware MySuper (Accumulation) Aware Super | $108.2bn | 9.0% |
| 3 | Lifecycle Investment Strategy Australian Retirement Trust | $97.3bn | 8.1% |
| 4 | Hostplus MySuper HOSTPLUS Superannuation Fund | $83.6bn | 6.9% |
| 5 | MySuper Retail Employees Superannuation Trust | $79.3bn | 6.6% |
| 6 | Growth (MySuper) CONSTRUCTION AND BUILDING UNIONS SUPERANNUATION FUND | $71.9bn | 6.0% |
| 7 | HESTA MySuper HESTA | $70.5bn | 5.8% |
| 8 | QSuper Lifetime Australian Retirement Trust | $66.8bn | 5.5% |
| 9 | SPIRIT SUPER - MYSUPER CareSuper | $42.5bn | 3.5% |
| 10 | Mercer SmartPath Mercer Super Trust | $40.4bn | 3.4% |
Another way to interpret the HHI is through the equivalent number of equally sized products, which is 12.6. In other words, although APRA records 52 MySuper products, the distribution of assets has roughly the same concentration as a market containing about 13 equally sized products. The figures therefore reveal a substantial long tail of smaller products alongside a relatively small group of very large providers. MySuper is certainly not a one- or two-player market, but the headline product count considerably overstates how evenly assets are distributed
The HHI gives a single measure of concentration, while the largest-product, top-four and top-ten shares show the same issue in more intuitive terms: 52 MySuper products do not represent 52 equally significant competitors.
There is an important qualification. This calculation measures concentration at the product level, not the trustee level. Some trustees operate multiple MySuper products. Australian Retirement Trust, for example, has both its Lifecycle Investment Strategy and QSuper Lifetime products. Grouping products under their common trustee would therefore produce a different—and likely higher—measure of concentration.
HHI also says nothing by itself about whether concentration is good or bad for members. It measures the distribution of assets, not fees, investment performance or service quality.