Super balances grow almost 10pc thanks to tech rally

Australians’ retirement balances jumped almost 10 per cent in 2023, thanks largely to booming US technology shares, strong global equities, and rising cash returns.

The median balanced superannuation fund option returned 9.6 per cent, according to research house SuperRatings, outpacing inflation and more than making up for 2022’s loss of 4.8 per cent in balanced options, and 5.5 per cent across the industry.