The APRA superannuation heatmap is a regulatory tool published annually by the Australian Prudential Regulation Authority. It provides a colour-coded ranking of superannuation products across three dimensions: investment performance, fees and costs, and sustainability of member outcomes. It is one of the most comprehensive publicly available datasets for evaluating super funds.
What Is the Heatmap?
APRA publishes the heatmap as part of its superannuation data and analysis collection. It covers:
- All MySuper (default) products
- Many trustee-directed (choice) products
The heatmap uses a red-to-green colour scale:
- Green = strong performance relative to peers or benchmarks
- Yellow/orange = moderate — neither outstanding nor poor
- Red = poor — material underperformance or high costs
What the Heatmap Measures
1. Investment performance
Each product is assessed on:
- Net investment return over 1, 3, 5, 7, and 10 years (after investment fees)
- Return relative to benchmark — compared against a benchmark constructed using the product’s own asset allocation and market index returns
This is the same investment return data used in the annual MySuper performance test.
2. Fees and costs
- Total fees expressed as a percentage of the balance, for both a $10,000 and $50,000 representative balance
- Administration fee separately disclosed
- Investment fee (ICR) separately disclosed
A product is marked red if its fees are materially above peers with similar investment mandates.
3. Sustainability of member outcomes
APRA’s forward-looking assessment of whether a fund is likely to continue delivering good outcomes. Factors include:
- Fund size and scale (small funds have higher fixed cost burdens per member)
- Member growth or decline trajectory
- Trustee governance and management quality
- Whether the fund has a credible plan for members
How to Access the Heatmap
APRA publishes the heatmap at apra.gov.au.
Navigate to Publications → Superannuation Data and Publications → Heatmap.
The heatmap is published as an interactive online tool and also as a downloadable Excel dataset.
How to Use the Heatmap to Evaluate Your Fund
- Find your fund: Search for your fund name in the heatmap product list
- Check investment performance: Is the 7-year and 10-year net return green or red? Red indicates underperformance relative to benchmark
- Check fees: Are the fees green (low relative to peers) or red (high)? A red fee rating for a fund with a red performance rating is a double warning
- Check sustainability: Is the fund’s sustainability rating green? Red sustainability may indicate the fund is too small or declining
Red flags worth investigating:
- Red on investment performance for multiple time periods
- Red on fees combined with red on performance (you’re paying more for worse results)
- Red sustainability (fund may merge or wind up)
Heatmap vs YourSuper Tool
| APRA Heatmap | ATO YourSuper Tool | |
|---|---|---|
| Audience | Regulators and sophisticated users | General public |
| Coverage | MySuper + some choice products | MySuper only |
| Data | Detailed, multi-year, multi-metric | Summary (7-year return, fees) |
| Visual format | Colour-coded matrix | Simple table/ranking |
| Access | apra.gov.au | ato.gov.au/yoursuper |
Use the YourSuper tool for a quick comparison; use the APRA heatmap for a more detailed analysis.
Frequently Asked Questions
How often is the heatmap updated? Annually — APRA typically publishes the updated heatmap in the first half of each calendar year, using data to 30 June of the previous financial year.
Does a red heatmap rating mean I should switch? A red rating — particularly on investment performance sustained over multiple years — is a strong signal to review your fund seriously. Past performance is not a reliable indicator of future performance, but persistent underperformance is a meaningful concern. Consider fees, insurance, and member services before switching.
Are all super products on the heatmap? MySuper products are all included. Coverage of choice (trustee-directed) products has expanded since 2021 but is not yet universal. Products not on the heatmap can still be evaluated using the fund’s own disclosures and PDS.
For more: MySuper Performance Test, Best Performing Super Funds, YourSuper Comparison Tool. For advice on interpreting heatmap data for your situation, speak with a licensed financial adviser via MoneySmart.