Australians still have some way to go before superannuation can fully fund their retirement, a report by the Association of Superannuation Funds of Australia (ASFA) reveals.

ASFA's Retirement Savings Update survey shows only 3% of Australians held enough superannuation - $500,000 - to support a comfortable retirement in 2006, with a further 15% having enough to maintain a modest lifestyle ($200,000).

The estimated average retirement payout of $155,000 for men and $73,000 for women would only facilitate a low standard of living in retirement, says ASFA.

But the gap between the sexes is narrowing, with women's super increasing 48.7% in the two years to June 2006, compared with a 30.3% increase for men.