Choosing the right super fund can make a significant difference to your retirement balance. This comparison table covers major Australian super funds across key metrics. For personalised recommendations, use the ATO YourSuper comparison tool at ato.gov.au — it displays current fees and performance for all MySuper products.
Quick Reference: Industry vs Retail Funds
| Feature | Industry Funds | Retail Funds |
|---|---|---|
| Profit model | Profits returned to members | Shareholders receive profits |
| Average fees | Generally lower | Generally higher |
| Investment menu | Broad options (some extensive) | Often broader, especially platforms |
| Insurance | Group cover (often competitive) | Varies |
| Performance (long-term) | Many top performers are industry funds | Some competitive performers |
| APRA failures | Few | Retail has had more APRA failures |
| Examples | AustralianSuper, Hostplus, CareSuper, UniSuper | AMP, Colonial First State, MLC, Macquarie |
Major Fund Comparison
| Fund | Type | MySuper default fee (approx.) | APRA Performance Test | Notes |
|---|---|---|---|---|
| AustralianSuper | Industry | ~0.67% | Passed | Australia’s largest fund |
| Australian Retirement Trust | Industry | ~0.70% | Passed | Merged QSuper + Sunsuper |
| Aware Super | Industry | ~0.69% | Passed | Formerly First State Super |
| Hostplus | Industry | ~0.98% | Passed | Hospitality, tourism sector |
| REST | Industry | ~0.60% | Passed | Retail industry workers |
| UniSuper | Industry | ~0.50% | Passed | University and higher education |
| CareSuper | Industry | ~0.67% | Passed | Professional/office workers |
| Cbus | Industry | ~0.62% | Passed | Construction and building |
| TelstraSuper | Corporate / Industry | Competitive | Strong | Open to public |
| Vision Super | Industry | Competitive | Check YourSuper | Local government VIC |
| HESTA | Industry | ~0.57% | Passed | Health and community sector |
| Mercer | Industry-style | Mid-range | Passed | Corporate employer focus |
| AMP MySuper | Retail | ~0.71% + admin | Some failures | Royal Commission history |
| Colonial First State FirstChoice | Retail | ~0.50–0.80%+ | Some failures | Part of KKR |
| MLC Super | Retail | Varies by product | Some failures | Now Insignia-owned |
| Spaceship Universe | Retail | ~0.30% ICR | Check YourSuper | Tech-heavy, volatile |
| Superhero Super | Retail | $5/month cap | New fund | Low fee, ETF-based |
Fees above are approximate. Always check the current PDS and ATO YourSuper for exact figures.
Key Metrics to Compare
1. Fees
- Look at the total annual fee for your balance — administration fee + investment fee combined
- Use the ATO YourSuper tool to compare net benefit (after fees and taxes)
- Even a 0.5% fee difference can amount to tens of thousands of dollars over a working life
2. Investment Performance
- Compare 5-year and 10-year returns in the balanced / MySuper option
- Past performance is not a reliable indicator of future performance
- APRA’s Annual Performance Test assesses whether funds underperform benchmarks by more than 0.5% over 8 years
3. Insurance
- Default cover type and amounts vary significantly between funds
- Check whether you can get adequate death and TPD cover
- If you have health conditions, check the terms carefully before switching
4. Investment Options
- Does the fund offer the investment option you want (index, high growth, ESG)?
- Do you need direct share access? (Only some platforms provide this)
5. Fund Size and Stability
- Large funds ($50bn+) have lower overhead costs per member
- Very small funds may struggle to achieve cost-effective investment scale
How to Use the YourSuper Tool
The ATO’s YourSuper comparison tool (ato.gov.au/YourSuper) shows:
- All MySuper products
- Fees and net returns over 10 years
- Whether the fund has passed the APRA Annual Performance Test
- A “failed” tag for products that have underperformed benchmarks
FAQ
Which is the best super fund in Australia? No single fund is best for everyone. The right fund depends on your balance, industry, insurance needs, and investment preferences. However, industry funds have historically outperformed retail funds over the long term as a group, due to lower fees and the profit-to-members model.
Should I switch super funds? Consider switching if your current fund has high fees, failed the APRA performance test, or doesn’t meet your investment or insurance needs. Always check insurance cover before switching — cover with a new fund may not start immediately.
How much difference do fees make? Significant. A 0.5% fee difference on a $200,000 balance is $1,000/year. Compounded over 20 years, this can reduce your balance by $50,000–$80,000 depending on returns.
This table is general information only. It is not a personal recommendation of any super fund. Past performance is not a reliable indicator of future performance. For advice tailored to your situation, speak with a licensed financial adviser. Find one via the ASIC financial advisers register or MoneySmart.
See also: Super Fund Reviews.