Australia’s eight most powerful industry superannuation funds spent a combined $219 million on marketing, sponsorship and promotions last financial year, with some funds’ advertising expenditure jumping as much as 75 per cent, despite a crackdown by the prudential watchdog questioning whether these costs are the best use of members’ retirement savings.

UniSuper’s advertising spending increased 75 per cent to $18.6 million in the year to June, according to analysis by The Australian Financial Review, while Aware Super’s grew by 49.5 per cent and HESTA’s by 35.2 per cent.