Aussies to be slugged with higher fees as super fund hikes price: what you need to know

By AIDAN WONDRACZ, ASSISTANT NEWS EDITOR, AUSTRALIA Published: 05:32, 5 August 2026 | Updated: 05:41, 5 August 2026 Millions of Australians will be forced to pay more in fees for their superannuation services. AustralianSuper revealed it was hiking its administration fees for the first time in four years. From October 31, the administration fee for accumulation members will be lifted from 0.1 per cent to 0.12 per cent. Eighty-eight per cent of accumulation members have up to $250,000, meaning the fees will increase up to $1.83 per week. Higher balances, between $300,000 and $500,000, will see fees rise to $5.97 per week. AustralianSuper has around 3.6million members.  AustralianSuper deputy chief executive Rose Kerlin defended the increase.  'We have brought more member-facing services in-house, strengthened account security, expanded access to advice and guidance services, and enhanced the digital tools members use to engage with their super,' she said.  Millions of Australians will be forced to pay more in fees for their superannuation services (stock image) 'These investments are helping us provide simpler, safer and more personalised experiences for members, and they are working.'  The announcement comes after Super Consumer Australia revealed the super fund failed to answer 90 per cent of calls during a mystery shopper study. Twenty major super funds were tested in the study and every single one of them failed to perform well.  Super Consumers Australia chief executive Xavier O'Halloran demanded better customer support. 'People don't just need a healthy super balance to have a dignified retirement,' he said. 'They need to know their fund will pick up the phone when they're grieving, need to access their money or ask a simple question and actually help them.'  Ms Kerlin has promised better online security for customers. 'We remain committed to managing costs carefully, investing for the long term and delivering the support, products and performance our members need to build their best retirement,' she said. 'As a profit-to-member fund, every dollar we collect in fees is used to operate and strengthen the fund on behalf of members.'