Macquarie Super Review (2026) — Fees, Investment Platform, and Features

Macquarie Super is part of Macquarie Bank’s wrap and investment platform offering — one of Australia’s most established retail investment platforms. It is primarily used by financial advisers and their clients, particularly at higher balance levels.

Key Facts

Products

• Macquarie Super and Pension — core accumulation and pension product
• Macquarie Super Manager — for employer plans
• Macquarie Wrap — broader investment platform including super, pension, and personal investment accounts

Fees

Macquarie’s wrap platform has a tiered fee structure:

• Platform fee: Reduces as balance increases (e.g., ~0.50% p.a. on balances under $100,000; lower tiers for larger balances)
• Investment management fees: Vary by the underlying managed funds or direct investments chosen
• Adviser fees: Often embedded — ask your adviser about their ongoing service fee

The platform can be cost-effective for high-balance members due to the tiered fee structure and the ability to use lower-cost wholesale managed funds.

Investment Options

Macquarie Super provides a broad investment menu:

• Direct equities (ASX-listed shares)
• Managed funds (domestic and international)
• ETFs
• Term deposits and cash accounts
• Separately managed accounts (SMAs)

This breadth makes it suitable for self-directed investors and active portfolio management.

Performance

Performance depends entirely on the investment options chosen. Macquarie provides the platform — not the underlying investment management (which comes from the chosen fund managers).

Who Macquarie Super Suits

• Members with larger balances ($250,000+) who want a broad investment platform
• Self-directed investors working with a financial adviser
• Members who want direct share access within their super

Less suitable for: Members who want a simple, low-cost default fund without investment complexity.

Frequently Asked Questions

What is the minimum balance to use Macquarie Super? Macquarie Wrap and related products generally require a minimum balance to access the full investment menu (direct shares, broad ETF access). Entry-level minimums vary by product tier and are subject to change — check the current Macquarie Super PDS or contact Macquarie for the current minimums. Below certain thresholds, only managed investment options may be available. The platform is primarily designed for members with balances of $250,000+.

Does Macquarie manage the investments itself or just provide the platform? Macquarie provides the platform infrastructure (account administration, reporting, custody of assets) but does not manage the underlying investments. The member or their financial adviser selects investment options from Macquarie’s approved product list — which includes externally managed funds, ASX-listed shares, and ETFs. Macquarie earns a platform fee for this service; investment management fees are separate and depend on which underlying products are chosen.

Can I hold direct Australian shares inside Macquarie Super? Yes — Macquarie Super allows direct ASX share investment within certain product tiers. This is a key differentiator from most industry super funds, which do not allow direct share ownership. However, direct shares require active management and monitoring, and may not be suitable for all members. Brokerage costs apply for each trade.

How does Macquarie’s platform fee compare to industry fund fees? Macquarie’s platform fee is typically 0.35–0.50% p.a. depending on balance tier — before investment management fees. For an industry fund, the total cost ratio at $100,000 might be 0.6–0.8% all-in. For Macquarie with active managed funds, total cost might be 1.0–2.0% p.a. For Macquarie with cheap ETFs and a large balance, total cost might be 0.5–0.9% p.a. The comparison depends heavily on what you invest in and your balance level.

Is Macquarie Super subject to the APRA performance test? Macquarie Super includes a MySuper product that is subject to the annual APRA performance test. However, many Macquarie members are in non-MySuper (choice) products, which have historically had less rigorous APRA oversight (though APRA has extended assessment to some trustee-directed products). For non-MySuper accounts, member self-monitoring using the ATO YourSuper tool and APRA heatmap data is important.

What adviser disclosure is required when using Macquarie Super? Financial advisers who recommend or operate Macquarie Super accounts must be licensed under an Australian Financial Services Licence (AFSL). They must provide a Statement of Advice (SOA) before recommending you join or transfer to Macquarie. They must disclose their remuneration (ongoing fees, percentage of FUM, or flat fees) in the SOA. Ask your adviser to confirm: (1) their total fee for the year, (2) whether they receive any benefit from Macquarie for placing clients on the platform, and (3) whether a lower-cost alternative was considered.

For advice on whether Macquarie Super suits your situation, speak with a licensed financial adviser. Advisers on the platform may have commercial relationships with Macquarie — ask about any conflicts. Find an adviser via MoneySmart. For more: Netwealth Super Review, North Super Review, Super Fund Comparison Table.