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The Australian superannuation industry has grown enormously over the past 30 years. Whereas working people are automatically enrolled at their workplaces, the head offices of many industry funds are in Melbourne rather than Sydney. Melbourne's dominance of the superannuation industry is explained, in part, by happenstance—the location of major unions and employer groups and their initiatives in response to the enabling legislation. Other factors identified include opportunism, cooperation, and the advantages of growth. Government‐prompted mergers and acquisitions have also reinforced the dominance of Melbourne, notwithstanding attempts by Sydney‐based superannuation funds to out‐compete their Melbourne rivals. Whereas the geographical bifurcation of the Australian superannuation industry has been mediated by the formation of a Queensland‐based superfund "champion," it is suggested that it faces numerous challenges. In conclusion, avenues for future research are sketched, focusing upon the future of Melbourne as the centre of the superannuation industry, the role of digital platforms in service delivery, pension adequacy, and the increasing importance of Australian funds in global financial markets. This is one of the first academic paper in the field of economic and financial geography to document and explain the growth and significance of Melbourne as the dominant superannuation centre in the Australian financial industry. It has far‐reaching implications for understanding the Australian landscape of finance with implications for policy, welfare, and geographical theory. Its explanation of the rise of Melbourne combines happenstance with core concepts of spatial differentiation anchored in contemporary economic geography. [ABSTRACT FROM AUTHOR]