I don't think it's possible for anyone here to offer much of an opinion on the limited information you give.
Obviously you will need to move your Super from Accumulation phase into Pension phase to get the tax free status.
Only you can work out whether the returns from your Balanced option provide you with enough to live on, or if not, then presumably you would need to contact Centrelink to find out what pension you might be eligible for. A balanced option will usually include a reasonably large amount in cash: is that a good idea with interest rates as low as they are? Do you actually know what interest rate your cash component is earning?
Are your individual shares in the fund trending upward or are you holding on to losers?
So much to consider and I don't know what level of information you get in a public fund.
It's an important stage in your life and imo well worth a consultation with a financial adviser who will be aware of many of the finer points which might allow you to receive more age pension from some approaches than others.
Centrelink have a Financial Information Service where you can make an appointment to see one of their advisers, such person being well able to look at your overall situation and tell you not what you should do or offer financial advice as such, but give you an unbiased conclusion about any age pension eligibility.
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