AustralianSuper is Australia’s largest super fund by member numbers and assets under management, with over 3.4 million members and more than $340 billion in assets (as at 2024). It is an industry super fund — operated on a not-for-profit basis — and is regulated by APRA.
AustralianSuper offers two categories of investment options: PreMixed (diversified, multi-asset options) and DIY Mix (single-sector and index options for members who want to build their own portfolio). This guide covers every option, their fees, typical asset allocations, and how to switch.
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AustralianSuper PreMixed Options
PreMixed options are diversified investment strategies managed by AustralianSuper’s investment team. They combine multiple asset classes in a single option, with the fund’s investment managers deciding the specific allocation within each option’s stated range.
AustralianSuper’s PreMixed options are also its MySuper Lifecycle product — new members who don’t make an investment choice are placed in the PreMixed option that matches their age cohort (High Growth for younger members, Balanced for older members approaching retirement).
High Growth
- Target asset allocation: ~95–100% growth assets (mainly shares and private equity)
- Defensive assets: Minimal
- Investment return objective: CPI + 5.0% per year over rolling 10-year periods
- Risk label: Very High — negative returns expected in more than 6 of every 20 years
- Suitable for: Members with a long investment horizon (typically 10+ years from retirement) who can tolerate significant short-term volatility in exchange for higher long-run growth potential
Balanced
- Target asset allocation: ~65–75% growth / 25–35% defensive
- Investment return objective: CPI + 4.5% per year over rolling 10-year periods
- Risk label: High — negative returns expected in approximately 4–6 of every 20 years
- Suitable for: Members with a medium-to-long time horizon who want a diversified portfolio with significant growth exposure
Socially Aware
- Target asset allocation: Similar to Balanced, with ESG screening applied
- Screens out: Tobacco, gambling, uranium mining, some fossil fuel activities, and weapons
- Investment return objective: CPI + 4.5% per year over rolling 10-year periods
- Risk label: High
- Suitable for: Members who want broadly diversified growth exposure while excluding specific industries on ethical grounds
Indexed Diversified
- Target asset allocation: ~60–70% growth / 30–40% defensive, via index (passive) strategies
- Key feature: Uses index investing for most asset classes, resulting in lower investment management fees
- Investment return objective: Return close to the market return for the relevant benchmarks
- Risk label: High
- Suitable for: Members who prefer low-cost, passive investing and want broad diversification without active management
Conservative Balanced
- Target asset allocation: ~40–55% growth / 45–60% defensive
- Investment return objective: CPI + 3.0% per year over rolling 10-year periods
- Risk label: Medium — negative returns expected in approximately 2–4 of every 20 years
- Suitable for: Members approaching retirement who want lower volatility while maintaining some growth exposure
Stable
- Target asset allocation: ~15–30% growth / 70–85% defensive
- Investment return objective: CPI + 1.5% per year over rolling 10-year periods
- Risk label: Low to Medium — negative returns expected in fewer than 2 of every 20 years
- Suitable for: Members in or very close to retirement who prioritise capital stability
Capital Guaranteed
- Target asset allocation: 100% defensive (cash)
- Key feature: Guarantees that your account balance will not fall (negative returns are absorbed by the fund, not passed to members)
- Investment return objective: Returns close to the cash rate
- Risk label: Very Low
- Important caveat: The capital guarantee protects your nominal balance, but does not protect purchasing power — your balance can be eroded by inflation. This is a significant risk for members who remain in this option for extended periods
AustralianSuper DIY Mix Options
DIY Mix options allow members to invest in individual asset classes or market indices. You can select one or combine multiple options in any proportion. These are choice products — not part of the MySuper lifecycle.
Australian Shares
- 100% exposure to Australian shares (ASX-listed equities), actively managed
- High-risk, high-return option — appropriate for members with a long time horizon and high risk tolerance
International Shares
- 100% exposure to international shares (global equities outside Australia), actively managed
- Includes developed markets and may include emerging markets exposure
- Currency may be hedged or unhedged depending on AustralianSuper’s currency strategy — check the current PDS
Property
- Exposure to unlisted (direct) Australian commercial property and listed real estate investment trusts (A-REITs)
- Medium-to-high risk; provides diversification from shares while still being a growth asset
Infrastructure
- Exposure to unlisted (direct) infrastructure assets — airports, roads, ports, utilities
- Typically less volatile than shares with more stable income, but less liquid
Fixed Interest
- Exposure to Australian and international bonds (government and corporate)
- Defensive asset; returns are lower than growth assets but more stable
Cash
- Investment in short-term money market instruments and deposits
- Returns closely track the RBA cash rate
- Protects nominal balance but does not protect against inflation
AustralianSuper Fees (Approximate)
AustralianSuper is generally considered a low-fee fund by industry standards. Fees vary by investment option and balance. The following are indicative figures — always check the current PDS or AustralianSuper’s website for the exact fee schedule, as fees are reviewed periodically.
| Option | Administration Fee | Investment Fee | Total (Approx.) |
|---|---|---|---|
| Balanced (PreMixed) | ~$1.20/week + 0.04% | ~0.55% | ~0.63–0.70% |
| High Growth (PreMixed) | ~$1.20/week + 0.04% | ~0.55% | ~0.63–0.70% |
| Indexed Diversified | ~$1.20/week + 0.04% | ~0.07% | ~0.15–0.20% |
| Stable | ~$1.20/week + 0.04% | ~0.45% | ~0.55–0.60% |
| Australian Shares (DIY) | ~$1.20/week + 0.04% | ~0.40% | ~0.50% |
Fees are indicative and subject to change. Refer to AustralianSuper’s current Product Disclosure Statement for exact fees applicable to your balance.
The weekly dollar fee component ($1.20/week = ~$62/year) has a larger proportional impact on small balances. At $10,000 the annual dollar fee is ~0.6% of balance on its own; at $100,000 it is ~0.06%.
How to Switch Your AustralianSuper Investment Option
- Log in to your AustralianSuper account at australiansuper.com or via the AustralianSuper app
- Navigate to “My super” → “Investment options”
- Select “Change my investment option”
- Choose your new option(s) — you can allocate percentages across multiple options in DIY Mix, or select a single PreMixed option
- Decide whether to switch your existing balance, future contributions, or both
- Confirm the switch
Switches are generally processed within a few business days at the next available unit price. There is no fee to switch investment options at AustralianSuper.
For more context on when and why to switch, see How to Change Your Super Investment Option.
Frequently Asked Questions
Which AustralianSuper option has the best long-term performance? Historically, AustralianSuper’s Balanced option has delivered strong long-term net returns — it has consistently ranked among the top-performing balanced options in APRA’s performance benchmarks. The High Growth option has delivered higher gross returns over long periods, consistent with its higher equity allocation. However, past performance is not a reliable indicator of future performance, and the “best” option for you depends on your time horizon and risk tolerance.
Can I combine PreMixed and DIY Mix options? No. AustralianSuper’s PreMixed and DIY Mix options are separate categories. Within DIY Mix, you can combine multiple sector options in any proportion. Within PreMixed, you select a single option. You cannot mix a PreMixed option with a DIY Mix option in the same account.
Does AustralianSuper’s Socially Aware option cost more than Balanced? The fee difference between Socially Aware and Balanced is typically small — often within 0.05–0.10 percentage points. Check the current PDS for the exact investment fee for each option.
Is AustralianSuper a good super fund? AustralianSuper is consistently among the top-rated industry funds in independent assessments, and its default Balanced option has a strong long-term performance record. Whether it is the best fund for your individual circumstances depends on factors including your investment preferences, need for insurance, and balance size. This is general information only — we recommend comparing multiple funds using APRA’s YourSuper tool and considering speaking with a financial adviser.
For advice tailored to your situation, speak with a licensed financial adviser. You can find one through the ASIC financial advisers register or MoneySmart.