Evidence-backed. Sourced from APRA, the Australian Prudential Regulation Authority, and Treasury. General information only — not financial advice. Consult a licensed adviser for your situation. Last updated: June 2026.
⚡ Key Takeaways
- Australian super funds collectively spent $274.6 million on advertising in 2022–23 — up from $244M the year before. Some analyses put the figure higher at $422.6M when all marketing costs are included. [1]
- AustralianSuper spent $60.2 million on advertising in 2022–23 — the highest of any fund. Australian Retirement Trust spent $41.8M; Cbus spent $34.7M. [1]
- APRA’s expenditure review found “a lack of evidence” that advertising spending delivered measurable benefits to members at most funds reviewed. [2]
- The Best Financial Interests Duty (BFID) — in force since 1 July 2021 — requires trustees to act in members’ best financial interests. Every dollar spent on advertising must be justifiable under this test. [3]
- A 2026 survey found 4 in 5 Australians support stricter rules on super fund advertising spending. [4]
Super Fund Advertising Australia 2026: Your Fund Spent $60 Million on Ads — Did You Benefit?
Australia’s biggest super funds spent $274.6 million on advertising in a single year — and under the law, every dollar of that came from member assets. AustralianSuper spent $60.2 million alone. Australian Retirement Trust spent $41.8 million. And when the regulator reviewed whether all this spending actually benefited the members paying for it, it found a “lack of evidence” that it did. Here is what the law requires, what the regulator found, and what you should ask your fund.
General information only. Not financial advice. Consult a licensed financial adviser for advice specific to your situation.
Table of Contents
- How much are funds spending on advertising?
- Who actually pays for super fund advertising?
- The legal test: Best Financial Interests Duty explained
- What APRA found when it looked at fund expenditure
- What members can do about it
- Frequently asked questions
How Much Are Super Funds Spending on Advertising?
According to industry analysis of 2022–23 data, Australia’s super funds collectively spent approximately $274.6 million on advertising — a figure that has grown each year. [1] The top spenders were:
- AustralianSuper: $60.2 million
- Australian Retirement Trust (ART): $41.8 million
- Cbus: $34.7 million
- Aware Super: approximately $29 million
- HESTA: approximately $21 million
Some analyses, including from the Super Review and the Industry Super Australia data set, put the total marketing expenditure figure higher — at $422.6 million — when softer marketing categories such as sponsorships, educational campaigns, and member communications are included.
Who Actually Pays for Super Fund Advertising?
Super funds are not-for-profit entities (in the case of industry funds) or profit-for-member entities — meaning they have no external shareholders to absorb costs. All operating expenses, including advertising and marketing, are ultimately funded from one of two sources: member fees charged directly (administration and operating cost components) or investment returns (before being credited to member accounts). [3]
In plain terms: when your fund spends money on a Super Bowl-scale advertising campaign, you pay for it — through slightly higher fees, or slightly lower net returns. This is not inherently wrong — fund growth through advertising can, in theory, lower per-member costs and deliver scale benefits. But the key word is “in theory.” The regulator has questioned whether the evidence supports this claim in practice.
The Legal Test: Best Financial Interests Duty Explained
Since 1 July 2021, super fund trustees are bound by the Best Financial Interests Duty (BFID), introduced by the Treasury Laws Amendment (Your Future, Your Super) Act 2021. [3] The duty requires that:
- Trustees must act in the best financial interests of members when making decisions, including expenditure decisions.
- Trustees must be able to demonstrate that expenditure is in members’ best financial interests — the burden of proof sits with the fund.
- The test is financial — not social, political, or reputational. Spending that benefits the fund’s brand but not member returns may not pass the test.
APRA’s Prudential Standard SPS 515 (Strategic Planning and Member Outcomes) also requires trustees to regularly assess whether their operating costs and expenditure, including marketing, deliver outcomes that are in members’ best interests. [5]
What APRA Found When It Looked at Fund Expenditure
APRA’s expenditure review, published in 2023, examined how super funds were spending member money on operating costs — including marketing and advertising. The findings were pointed: [2]
- Many funds could not demonstrate a clear link between their advertising expenditure and measurable member benefits (such as lower per-member costs from increased scale).
- APRA found a “lack of evidence” that advertising spending at several large funds was demonstrably in members’ best financial interests under the BFID test.
- Some funds had weak governance frameworks for assessing and approving significant expenditure items — approving large advertising budgets without robust member-outcome analysis.
- APRA signalled it would increase scrutiny of expenditure decisions and expected funds to improve their evidence bases.
The regulator stopped short of taking enforcement action on advertising specifically — but the review put all funds on notice that their spending must be justifiable against the BFID standard.
What Members Can Do About It
- Check your fund’s operating cost ratio. APRA’s annual fund-level statistics include total operating expense data. A fund with a high expense ratio relative to its peers may be spending more on non-investment activities — including marketing — proportionate to the assets it manages.
- Ask your fund directly. Under the BFID, your fund should be able to explain how its advertising expenditure benefits you financially. You can write or email your fund’s member services team and ask for their member outcomes assessment relating to advertising expenditure.
- Vote at annual member meetings. Many larger funds hold annual members’ meetings where operating cost decisions can be raised. If you feel advertising spending is excessive, these meetings are a formal avenue for accountability.
- Consider the full picture before switching. A fund that spends heavily on advertising may still deliver strong net returns. Equally, a lower-profile fund with minimal marketing spend may outperform on a net-of-fees basis. Use APRA’s YourSuper comparison tool to compare net performance, not just brand familiarity.
Frequently Asked Questions
Do I pay for my fund’s advertising?
Yes. Super fund operating expenses — including advertising — are funded by member assets. Industry funds have no external shareholders to absorb costs. AustralianSuper’s $60.2M advertising spend in 2022-23 works out to roughly $17 per member.
What is the Best Financial Interests Duty?
Since 1 July 2021, trustees must act in — and be able to prove they act in — members’ best financial interests. The duty applies to all significant expenditure decisions, including advertising. The burden of proof sits with the fund, not the regulator.
What did APRA find?
APRA’s 2023 review found a “lack of evidence” that advertising spending at several funds demonstrably benefited members. Many funds had weak governance frameworks for approving large advertising budgets without member-outcome analysis.
🔍 The Fine Print Verdict
Super fund advertising is a legitimate cost if it can be shown to grow membership scale and reduce per-member costs. The problem is that the regulator looked — and found the evidence thin. What’s certain is that you pay for it. $274 million in advertising costs is money that, without a clear member benefit, would otherwise stay in member accounts compounding toward retirement. The Best Financial Interests Duty exists precisely to create accountability for this. Whether it’s working is a fair question for every member to ask their fund.
Check APRA’s fund data → Compare net returns vs. operating costs → If your fund spends heavily on ads but underperforms peers, that’s the combination to act on.
Sources
- Super Review / Industry Super Australia, Super fund advertising expenditure data 2022–23. superreview.com.au
- APRA, Expenditure Review: An APRA review of RSE licensee expenditure practices, 2023. apra.gov.au
- Treasury, Treasury Laws Amendment (Your Future, Your Super) Act 2021 — Explanatory Memorandum. treasury.gov.au
- Galaxy Research for Industry Super Australia, Member attitudes to super fund advertising, 2026. industrysuper.com
- APRA, Prudential Standard SPS 515: Strategic Planning and Member Outcomes. apra.gov.au
Disclaimer: The Fine Print 🇦🇺 provides general financial information only. Content does not constitute financial advice. Fund expenditure data sourced from publicly available APRA disclosures and industry research. Content accurate as at June 2026.