AustralianSuper is Australia’s largest superannuation fund by both member numbers and assets under management. It manages more than $340 billion on behalf of over 3.4 million members (as at 2024–25), making it one of the top 30 pension funds in the world by assets. It is an industry super fund — not-for-profit — operating under a trustee board with equal employer and employee representation.
This independent review covers AustralianSuper’s investment options, fees, long-run performance, insurance, and who the fund suits.
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AustralianSuper at a Glance
| Fund type | Industry (not-for-profit) |
| Members | 3.4 million+ |
| Assets under management | $340 billion+ |
| Default option | Balanced (lifecycle MySuper) |
| APRA Performance Test | Passed |
| Open to all Australians? | Yes |
| Website | australiansuper.com |
Investment Options
AustralianSuper offers two categories of investment options: PreMixed (diversified, multi-asset) and DIY Mix (single-sector and index). The MySuper lifecycle product uses PreMixed options and automatically adjusts allocation by age group.
PreMixed Options
| Option | Approx. Growth/Defensive Split | Return Objective |
|---|---|---|
| High Growth | ~95% / 5% | CPI + 5.0% (10-yr rolling) |
| Balanced | ~70% / 30% | CPI + 4.5% (10-yr rolling) |
| Socially Aware | ~70% / 30% | CPI + 4.5% (10-yr rolling) |
| Indexed Diversified | ~65% / 35% | Market return (passive) |
| Conservative Balanced | ~50% / 50% | CPI + 3.0% (10-yr rolling) |
| Stable | ~25% / 75% | CPI + 1.5% (10-yr rolling) |
| Capital Guaranteed | 0% / 100% | ≈ Cash rate |
DIY Mix Options
Members can combine sector-specific options in any percentage: Australian Shares, International Shares, Property, Infrastructure, Fixed Interest, Cash.
For a detailed explanation of each option, see AustralianSuper Investment Options — Full Guide.
Fees
AustralianSuper’s fees vary by investment option and balance. The following are approximate for the default Balanced option:
| Fee Component | Amount |
|---|---|
| Administration fee | $1.20/week (~$62/year) + 0.04% of balance |
| Investment fee | ~0.55% |
| Indirect cost ratio | ~0.07% |
| Total (approx., $50k balance) | ~$397/year (~0.79%) |
| Total (approx., $100k balance) | ~$680/year (~0.68%) |
Indexed Diversified Option (Lower Fee)
| Fee Component | Amount |
|---|---|
| Administration fee | $1.20/week + 0.04% |
| Investment fee | ~0.07% |
| Indirect cost ratio | ~0.04% |
| Total (approx., $50k balance) | ~$140/year (~0.28%) |
The Indexed Diversified option is one of the cheapest diversified super options in Australia from a major fund.
Fees are indicative — refer to AustralianSuper’s current PDS for exact figures.
Performance
AustralianSuper’s Balanced option has been one of Australia’s consistently top-performing super options over 10+ year periods. Key performance context:
- 10-year net return (Balanced): approximately 8.0–9.0% p.a. net of fees and tax (based on published returns through FY2024–25)
- APRA performance test: Passed — the fund’s MySuper product is not on the underperforming list
- APRA Heatmap: Green rated on net returns and fees
- The fund’s significant allocation to unlisted assets (direct infrastructure, private equity, unlisted property) has been a contributor to its long-run outperformance relative to funds investing primarily in listed assets
Past performance is not a reliable indicator of future performance. Investment returns can be negative in some years. AustralianSuper’s 10-year return assumes a constant allocation and investment market conditions that may not repeat.
Insurance
AustralianSuper provides automatic group insurance to eligible members:
Death Cover (Life Insurance)
- Automatic cover for eligible members under 70
- Default sum insured varies by age — full schedule in the Insurance Guide (available at australiansuper.com)
- Members can apply for additional cover (subject to underwriting)
Total and Permanent Disability (TPD)
- Automatic cover for eligible members under 65
- Definition: any occupation (you cannot work in any job for which you are reasonably qualified by education, training, or experience)
- Members can apply for additional own-occupation cover
Income Protection
- Automatic cover: 85% of income (including 12% super) for up to 2 years
- Waiting period: 60 days (can be changed)
- Members can apply to extend the benefit period to age 67
Important Notes
- Insurance premiums are deducted from your super balance
- Members under 25, with balances under $6,000, or who haven’t been active for 16 months do not receive automatic cover (opt-in available)
- Cover ceases when your account is closed — check insurance before rolling out of AustralianSuper
Who AustralianSuper Suits
Likely a strong fit for:
- Members who want a consistently top-performing, large, well-established fund
- Members who want access to unlisted assets (infrastructure, property, private equity) not available in pure index funds
- Members who want low-cost passive investing via the Indexed Diversified option
- Members who want ethical investing via the Socially Aware option
May not be the best fit for:
- Members who want the absolute lowest fee at any cost — Hostplus Index Balanced is marginally cheaper on the index option
- Members who want a “Member Direct” facility to invest in individual ASX shares or ETFs from within their super (AustralianSuper does not currently offer this; some other funds do)
- Members with complex SMSF or defined benefit needs
How to Join AustralianSuper
- Visit australiansuper.com and click “Join”
- Complete the online application — takes approximately 10 minutes
- Provide your tax file number and identity documents as prompted
- Nominate AustralianSuper to your employer using the fund’s standard choice form
- If rolling over from another fund, use the myGov ATO portal or AustralianSuper’s online rollover request
Frequently Asked Questions
Is AustralianSuper a good fund? AustralianSuper is consistently rated among Australia’s top super funds by APRA performance data, independent ratings agencies, and financial media. Its Balanced option has delivered strong 10-year net returns and passed the annual APRA performance test. Whether it is the right fund for your individual situation depends on factors including your investment preferences, insurance needs, and balance. This is general information — not a personal recommendation.
How do I check my AustralianSuper balance? Log in at australiansuper.com or via the AustralianSuper mobile app using your member number and password. You can also check your balance through the ATO’s myGov portal if your TFN is linked to the fund.
Can I choose which investment option I’m in? Yes. Log in to your AustralianSuper account, navigate to “Investment options”, and select from PreMixed or DIY Mix options. You can switch at any time at no additional cost (though a small buy/sell spread applies).
Does AustralianSuper offer financial advice? Yes — AustralianSuper offers limited intra-fund advice (general advice on your AustralianSuper account) at no additional cost. For comprehensive personal advice, they can refer you to their licensed advice network, which may involve advice fees.
See also: Super Fund Reviews. For advice tailored to your situation, speak with a licensed financial adviser. You can find one through the ASIC financial advisers register or MoneySmart.