Superannuation account balances vary over time through a combination of net contributions (contributions minus any benefit payments) and investment returns. Since most superannuation funds invest in a combination of shares, bonds, property and cash deposits, their average investment returns broadly reflect returns on those investments.

As a proportion of their value in December 2019, superannuation account balances declined by 9% by March 2020 then rose to 18% above December 2019 levels by December 2021.