Australia has more than 130 registered super funds holding over $3.9 trillion in assets. For most Australian workers, the best super fund is one of the large, not-for-profit industry funds — they have consistently outperformed retail alternatives on a net-of-fee basis over the long run, according to APRA data.
This guide compares the top Australian super funds across the metrics that matter most: fees, long-run net returns, default investment option, and insurance cover.
Past performance is not a reliable indicator of future performance. This is general information only — not a personal recommendation. Individual circumstances vary.
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Industry Funds vs Retail Funds — The Key Difference
Industry funds are not-for-profit super funds originally established for specific industries (hospitality, construction, healthcare, etc.) but now open to the general public. All earnings above costs go back to members. They are run by trustee boards with equal employer and employee representation.
Retail funds are run by financial institutions — banks and insurance companies — for profit. They charge higher fees to cover operating costs and return profits to shareholders. While some retail products are competitive, APRA data consistently shows industry funds outperforming comparable retail products on net returns over 5–10 year periods.
Top Australian Super Funds — Comparison Table (2026)
| Fund | Default Option | 10-Yr Net Return (Approx.) | Total Fee ($50k bal.) | Min. Fee Option | Open to All? |
|---|---|---|---|---|---|
| AustralianSuper | Balanced (lifecycle) | ~8.5% p.a. | ~$397 (~0.79%) | Indexed Diversified ~0.25% | Yes |
| Aware Super | Growth (lifecycle) | ~8.5% p.a. | ~$427 (~0.85%) | Passive option ~0.30% | Yes |
| Hostplus | Balanced | ~8.0% p.a. | ~$318 (~0.64%) | Index Balanced ~0.22% | Yes |
| Australian Retirement Trust | Balanced | ~8.0% p.a. | ~$383 (~0.77%) | Index Balanced ~0.25% | Yes |
| UniSuper | Balanced | ~8.5% p.a. | ~$316 (~0.63%) | Multiple index options ~0.20% | Restricted* |
| Cbus | Growth Plus | ~8.5% p.a. | ~$363 (~0.73%) | — | Yes |
| HESTA | Balanced Growth | ~7.5% p.a. | ~$374 (~0.75%) | — | Yes |
| REST | Core Strategy | ~7.5% p.a. | ~$353 (~0.71%) | — | Yes |
| Vanguard Super | Lifecycle High Growth | ~7.0% p.a.** | ~$220 (~0.44%) | High Growth Index ~0.39% | Yes |
*UniSuper is primarily for higher education and research workers, but some products are available more broadly. *Vanguard Super launched in 2022 — long-term track record not yet available. Returns based on short history and benchmark-aligned index strategy.
Approximate figures based on APRA data and fund PDS documents as at early 2026. All returns are for the fund’s default balanced/growth MySuper option. Fee figures are for the default option on a $50,000 balance and are indicative only — refer to each fund’s PDS for exact figures. Past performance is not a reliable indicator of future performance.
Best Super Funds by Category
Best for Low Fees
Hostplus (Index Balanced) and Vanguard Super charge the lowest total fees among major funds. For index-option investors, Hostplus Index Balanced at ~0.22% total fees is among the cheapest in the country.
See Cheapest Super Funds Australia for a detailed breakdown.
Best for Long-Run Performance
AustralianSuper, Aware Super, UniSuper, and Cbus have all delivered consistently strong 10-year net returns, regularly appearing at the top of APRA performance data. All four have passed APRA’s annual performance tests.
See Best Performing Super Funds Australia for APRA heatmap data.
Best for Young Members (Long Time Horizon)
Funds with high-growth lifecycle defaults and strong unlisted asset exposure suit young members who want their super to compound aggressively. AustralianSuper and Aware Super both use lifecycle strategies that maintain high-growth exposure for members under 45.
Best for Members Approaching Retirement
Funds with strong lifecycle de-risking and income strategy products. Australian Retirement Trust has a strong retirement income framework following the QSuper merger. Aware Super has extensive retirement products.
Best for Ethical Investing
Several funds offer dedicated ESG/ethical options:
- AustralianSuper — Socially Aware option (excludes tobacco, weapons, some fossil fuels)
- Aware Super — Sustainable Growth option
- HESTA — Sustainable Growth option
- Australian Ethical (standalone ethical fund, not in table above)
Best for Low Balances
At low balances (under $10,000), the fixed dollar administration fee matters most. Hostplus has no dollar-based percentage fee above the base, making it competitive for small balances.
What the APRA Performance Test Says
APRA’s annual performance test assesses whether each MySuper product has delivered returns within 0.5% per year of its risk-adjusted benchmark over 8 years. All funds in the table above have passed the performance test as of the most recent assessment (FY2024–25). Funds that fail must notify members in writing.
If you’ve received a performance test failure letter from your fund, that’s a clear signal to review your options.
Industry Funds That Are Open to All Australians
Many industry funds that were originally sector-specific are now open to any Australian:
| Fund | Originally For |
|---|---|
| AustralianSuper | Various industries |
| Hostplus | Hospitality and tourism |
| Aware Super | Healthcare, NSW public sector |
| Australian Retirement Trust | Queensland government (QSuper) + broader (Sunsuper) |
| Cbus | Construction and building |
| HESTA | Health and community services |
| REST | Retail industry |
All of the above now accept members from any industry. Check each fund’s website to confirm current membership eligibility.
Frequently Asked Questions
Is AustralianSuper the best super fund in Australia? AustralianSuper is Australia’s largest super fund and has consistently delivered strong long-run net returns. However, “best” depends on your individual situation — your age, risk tolerance, need for insurance, and whether you prefer active or passive investing. Hostplus, UniSuper, Aware Super, and Australian Retirement Trust are also consistently top-rated. This is general information only — not a personal recommendation.
Can I be in a super fund that isn’t my industry? Yes. Since the introduction of fund choice in 2005, most Australian workers can choose any complying super fund regardless of their industry. Nearly all major industry funds now accept members from any sector.
How often should I review my super fund? At least annually — check your contributions are being received, your investment option still suits your timeline, and your fees are competitive. Major life events (new job, marriage, starting a family, approaching retirement) are good additional trigger points.
What is the minimum super balance to benefit from switching to a better fund? There’s no minimum. Even on a $5,000 balance, avoiding excess fees preserves money that will compound over your working life. The proportional benefit is larger on bigger balances, but switching is rarely not worth it if your fund is clearly underperforming or overcharging.
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.