Australia’s $4 trillion superannuation sector has become so large – and grown so rapidly – that the Reserve Bank warned last month it posed a rising risk to the country’s financial stability.

The boom has also caught the attention of the Australian Prudential Regulation Authority (APRA), which has stepped up its scrutiny of super funds and put them on notice over their $12 billion expenses bill.

Should super funds spend millions of dollars on advertising? What is the financial benefit of sponsoring AFL teams? Where is the value in splashing cash on extravagant travel and conferences?

APRA’s Margaret Cole is keeping a close eye on super funds’ spending. The regulator this week released inaugural data showing the scale of funds’ expenditure. Credit: Oscar Colman

These are the questions the prudential regulator has been asking to gauge whether the funds are acting in the best financial interests of their members, a legislative requirement since 2021.

And at times, the responses it has received have fallen short.

To “shine more light” on where funds are spending members’ money and improve scrutiny of the industry, APRA this week released its inaugural superannuation statistics that provide a detailed breakdown of funds’ $12 billion expenses in 2022-23.

We have prepared the data for you in a more digestible way so you can search for some of Australia’s largest super funds and see how much they spend on marketing and sponsorship, industry bodies, salaries of executives and directors, and intra-fund advice – the advice a trustee can provide to members with the cost borne by all........

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