On Monday October 15, the Association of Superannuation Funds of Australia released superannuation account data, highlighting the Kennedy electorate at a significant loss.

The data shows that residents of the Kennedy electorate, which covers Mount Isa and surrounds, hold an average super account balance of $108,720 - lower than the state ($123,636) and national averages ($132,646).

The highest average account balance in the region was held by residents of Yungaburra at $171,241, followed by Ingham at $147,480.

Residents of Mount Isa have an average nest egg of $101,711 and Herberton an average of $93,921.

Commenting on the data, ASFA CEO Dr Martin Fahy said that geographic factors could strongly influence superannuation account balances, with balances in coastal or inner-city suburbs tending to be higher than for outer suburbs of cities.

"Superannuation account balances are tied to income, so areas with a higher proportion of high-income earners tend to have higher average superannuation account balances. We see this in more affluent suburbs, in major cities, and in some 'sea change' or 'tree change' destinations," Dr Fahy said.

"Average superannuation balances also vary with industry and occupation. If an area has an above average number of people working in public administration, education or health services, average balances are likely to be higher than if most people are working in retail or transport services.

"The self-employed also tend to have lower superannuation balances on average. In many rural or regional areas there can be a relatively high level of self-employed people, in agriculture and related industries."

According to the ASFA Retirement standard June quarter, couples aged around 65, need to spend $61,522 per year to achieve a comfortable retirement, whereas singles need to spend $43,601.

"We know that all Australians want to achieve a comfortable retirement,"Dr Fahy said.

"A comfortable retirement lifestyle enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as household goods, private health insurance, a reasonable car, good clothes and a range of electronic equipment. It also allows for domestic holiday travel, and occasional international holidays.

"The legislated increase in Superannuation Guarantee to 12 per cent of salary will play an important role in helping more people achieve this. However, if it doesn't reach 12%, many Australians, including those from Mount Isa and surrounds risk missing out on the retirement lifestyle they had imagined."

In releasing the figures, ASFA called on all savers to check their super account balance and consider ways to boost their retirement outcome.

"Super has a crucial role to play in helping people achieve the standard of living in retirement that they want and deserve.

"Its favourable tax treatment also makes it a very good way to save. Making extra contributions to your account, consolidating multiple accounts, and checking whether your account balance is on track using one of AFSA's calculators are a few simple measures that can help set you on track."

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