Best super funds Australia

What was the best-performing super fund in 2023?

In the Best Balanced Super Fund category, Aware Super - Balanced Socially Conscious emerged as the winner, boasting an annual return of 8.4% over the past 10 years and 7.06% over the past 5 years. Meanwhile, in the Best Conservative Super Fund category, HESTA Conservative secured the top spot, offering a steady annual average return of 5.45% over the past 10 years and 4.28% over the past 5 years.

The Best Conservative Balanced Super Fund was awarded to AustralianSuper Conservative Balanced, with a return of 6.74% over the past 10 years and 5.04% over the past 5 years​​. UniSuper Sustainable High Growth won the Best High Growth Super Fund, delivering an annual average of 10.35% over the past 10 years and 8.48% over the past 5 years​​.

Hostplus Indexed Balanced won the Best Low Fee Super Fund category with fees at $136 p.a on a $50,000 balance. The fund delivered 7.93% p.a over the past 10 years and 6.49% over the past 5 years.

Lastly, the best Single Asset Classes Super Fund went to Australian Retirement Trust - International Shares Index (unhedged), with an annual return of 12.26% over the past 10 years and 10.13% over the past 5 years​​.

In addition to the top winners in each category, the Finder Superannuation Awards 2023 also recognised runners-up, showcasing a range of funds excelling in their respective areas:

UniSuper Sustainable Balanced and Vision Super Balanced Growth stood out for their performance and fees in the Balanced category. In the Conservative category, the nod went to Aware Super Conservative Balanced and AustralianSuper Stable for stable, lower-risk returns.

For more detailed insights into these categories and winners, take a look at our Finder Superannuation Awards 2023 page.

What's the highest-performing Australian super fund in 2023?

The super funds with the highest returns for 2023 are all single sector investment options that invest entirely in shares. These investment options have returned over 20% for members over the 12 months to June 2023.

Mine Super's International Shares option was the top performer over the financial year with a return of 22.77%. Some other high-performing funds include Virgin Money Super Indexed Overseas Shares with a return of 21.49%, Aware Super International Shares with 20.72% and Australian Retirement Trust International Shares Index (unhedged) with 20.37%.

Although these funds have achieved outstanding high returns over the past year, they're all very high-risk investment options as they invest exclusively in international shares. The recent financial year was a good one for the share market, but it's important to remember that when there's a market fall, these options would be likely to instead make a negative return.

Kirby Rappell, executive director of SuperRatings, highlights this aspect in a July 2023 press release.

"Super funds have delivered competitive outcomes amid economic uncertainties, but high-return options are notably riskier, especially in volatile markets"​​

He also notes the importance of a long-term perspective, stating that "despite market fluctuations, superannuation's long-term performance remains strong, which is crucial for members not nearing retirement."

Over the long term (10 years), these funds have all achieved annual average returns of between 10% and 12% p.a.

Why it's important to make sure you're with a great super fund

Each year the regulator APRA analyses the market and identifies the worst super funds that are underperforming for members. APRA tested 58 MySuper products in 2023 which held $907 billion in assets, and the test showed an average performance of 0.41% above the benchmark.

APRA found that 80% of members' MySuper accounts perform above the benchmark, which is great if you are in that cohort. But for the remaining 20% the products underperformed by >0.50%. While only a small amount, you don't want your super to underperform.

You can use Finder's superannuation calculator to see an estimate of your retirement balance based on your current fund, versus if you switched to a different fund with better returns or lower fees.

How to pick the best super fund

Choosing the right super fund is crucial for your financial future. While the top-performing funds are a great start, they may not always align with your specific needs. If you're looking elsewhere, consider these key factors from our comparison table below:

High long-term returns. Look for funds with a consistent track record of strong returns over the long term (funds with 10-year returns above 7% p.a. are among the top performers).

Low fees. Higher fees can significantly eat into your retirement savings. Opt for funds with lower fees without compromising on performance (aim for annual fees less than 1.5% of your super balance).

Investment strategy aligns with your age. Your age and retirement goals should dictate your investment strategy. Younger investors might prefer high-growth options, whereas those nearing retirement may prioritise stability.

Use these criteria as a guide to navigate through the comparison table and find the fund that best suits your financial situation and goals.

I only moved to Australia 6 years ago so I'm playing catch up with my super. For me, low fees are important and to know my money isn't being invested in something that's destroying the planet. I also cancelled the life insurance inside my super because the premiums increase every year.

— Gary Ross Hunter, insurance and innovations editor

Methodology: How we choose our best super fund picks

We regularly look at the super funds in our database to determine which are the best offers for a range of different purposes. Specifically, here's how we determine each of our top pick recommendations:

• Best Super Fund for Customer Satisfaction

  This award is part of our annual Finder Customer Satisfaction Awards. Consumers rated the super fund they used based on customer service, performance, fees and overall experience and were asked if they'd recommend the fund to a friend. The final score was calculated as an average of the 5 metrics scored.

  What we like about Australian Retirement Trust:

  • Finder Awards winner. Australian Retirement Trust was the winner in Finder's 2023 Super Fund Customer Satisfaction Awards.
  • Customer satisfaction score. An impressive 95% of the consumers that we surveyed said they'd recommend the fund to a friend. Its customer satisfaction rating was 4.19 out of 5.
  • Industry super fund. Australian Retirement Trust is an industry super fund and one of the biggest funds in Australia. It's open to all Australians to join.
  • Strong performance. Its default balanced product is one of the top 3 best-performing growth funds over the last decade (to June 2023).

• Best Ethical Super Fund

  This product is selected as part of Finder's annual Green Awards. This award looked at each super fund's current environmental performance, environmental targets and reporting and accreditation. It also analysed the fund's sustainable investment approach and the environmental performance of its portfolio.

  What we like about Australian Ethical Super Balanced:

  • Certified sustainable. Australian Ethical is one of just a handful of super funds to be certified by the Responsible Investment Association Australasia for its commitment to responsible and sustainable investments.
  • Finder Green Awards winner. Australian Ethical Super was named a winner in the 2020, 2021, 2022 and 2023 Finder Green Awards.
  • Investment transparency. Australian Ethical Super provides a readily available list of all the companies it invests in on its website, so you can see exactly where your money is going.
  • Climate change awareness. Australian Ethical Super excludes all fossil fuel investments and most mining companies, while actively investing in renewable energy.

• Best Balanced Super Fund

  This award focuses on super funds with a balanced investment strategy, typically involving 60–80% growth assets. It evaluates these funds based on their ability to blend risk and return effectively. The assessment includes a thorough analysis of performance, asset allocation and overall fund stability.

  What we like about Aware Super - Balanced Socially Conscious:

  • Finder Awards winner. Aware Super - Balanced Socially Conscious was awarded as the Best Balanced Super Fund in 2023, Aware Super stands out for its optimal balance between risk and return.

  • Strong performance. With a remarkable 10-year return of 8.4%, it demonstrates consistent performance, appealing to investors seeking both stability and growth.

  • Affordable fees. The fund maintains competitive fees, charging just $327 annually for a $50,000 balance, making it a cost-effective choice for investors.

  • Balanced strategy. Aware Super's balanced approach expertly combines various asset classes, ensuring a diversified investment portfolio.

• Best Conservative Super Fund

  The Best Conservative Super Fund award is given to funds that prioritise low-risk investments like cash and bonds. It assesses the funds' performance, asset distribution and their ability to provide stable, long-term returns to more risk-averse investors.

  What we like about HESTA Conservative:

  • Finder Awards winner. HESTA Conservative leads the category this year, recognised for its prudent investment strategy and stable returns.

  • Solid returns. Over a decade, the fund has delivered a steady 5.45% return, showcasing its effectiveness in conservative investment.

  • Reasonable fees. With an annual fee of $357 on a $50,000 balance, it offers affordability while maintaining high-quality investment choices.

  • Risk-averse focus. Ideal for cautious investors, it emphasises safety and reliability in its asset allocation.

• Best Conservative Balanced Super Fund

  This category awards super funds that strike a middle ground with 41–60% growth assets. The focus is on evaluating these funds for their balanced approach to risk and return, assessing their performance, fees and risk management strategies.

  What we like about AustralianSuper Conservative Balanced:

  • Finder Awards winner. Dominating its category in 2023, AustralianSuper Conservative Balanced is known for its judicious mix of growth and security.

  • Consistent growth. Exhibiting a 10-year performance of 6.74%, it appeals to those seeking steady growth without excessive risk.

  • Competitive fees. The fund's $367 annual fee for a $50,000 balance represents a balanced approach to cost-effectiveness and value.

  • Stability and growth. Skillfully navigating between conservative and growth-oriented assets, it offers a harmonious investment solution.

• Best High Growth Super Fund

  The Best High Growth Super Fund award is for funds heavily invested in growth assets (81–95%). It recognises funds that excel in high-risk, high-reward strategies, evaluating their long-term performance and potential to deliver significant returns.

  What we like about UniSuper Sustainable High Growth:

  • Top in high growth. UniSuper Sustainable High Growth leads 2023's High Growth category, showcasing its proficiency in aggressive growth strategies.

  • Affordable fees. With a competitive annual fee of $296 on a $50,000 balance, it offers high value for its performance level.

  • Impressive returns. The fund has been exceptional, delivering an average 10.36% return over 10 years and 8.48% over 5 years, marking it as a stand-out choice for growth-focused investors.

  • Risk-adjusted strategy. The fund's focus on high-growth assets is balanced with a risk-adjusted approach, aiming to maximise returns while managing volatility, appealing to investors with a longer-term perspective.

• Best Single Asset Classes Super Fund

  This award identifies the top-performing single asset class funds, focusing on specific investment goals. It evaluates these funds based on their specialisation, performance in their respective asset class and their ability to meet targeted investment strategies.

  What we like about Australian Retirement Trust:

  • Leading in a single asset class. The Australian Retirement Trust shines in 2023 as the foremost single asset class fund, specialising in international equities.

  • Cost-effective fees. Charging a modest annual fee of $192.40 for a $50,000 balance, it stands out for both affordability and performance.

  • Strong global performance. Its international shares index has yielded a remarkable 12.26% annual return over 10 years and 10.13% over 5 years, demonstrating its effectiveness in global equity investment.

  • Focused investment. The fund's specialisation in international shares exemplifies its targeted investment approach, offering investors an opportunity to capitalise on the growth potential of global markets.

• Best Life Stage Fund

  For this category, we only considered super funds that offered a life-stage investment option as its default option. Of the funds compared, we looked at the annual fees charged on a $5,000, $50,000 and $100,000 balance as well as the past 1-, 3- and 5-year performance returns.

  We also looked at the number of different life stages the product offered. Funds that offered more life stages were ranked stronger than those with fewer life stages.

  What we like about Virgin Money Super LifeStage Tracker:

  • Age-based investment product. Virgin Money Super includes 15 different life stage investment allocations within 1 product, so your investment allocation is readjusted every 5 years in line with your age.
  • Low fees. Virgin Money Super LifeStage Tracker also charges some of the lowest fees in the market with impressive past performance returns.
  • Earn Velocity Points. You can earn Velocity Frequent Flyer Points on contributions to your fund.
  • Opt for a build-your-own investment option. If you don't want to go with the LifeStage Tracker, you can build your own investment portfolio from a range of asset-based investment portfolios.

FAQs about picking the best super funds in Australia

• What's the best ethical super fund?

  Australian Ethical Super was named the best ethical super fund in the 2020, 2021, 2022 and 2023 Finder Green Awards. If you're considering an ethical super fund, it's still important to make sure the fund has strong long-term performance and competitive fees, otherwise your retirement balance will suffer.

• What's the best industry super fund?

  Some of the best-performing industry super funds include Hostplus, AustralianSuper, Australian Retirement Trust, UniSuper and Cbus.

• What's the best super fund for someone starting their first job?

  If you're starting work and looking for a super fund, look for a fund with low fees and high long-term returns. Your balance will start off small, so you don't want this already small amount of money eaten away by excessive fees.

• What types of super funds can I choose from?

  There are 2 main types of super funds: industry super funds and retail super funds. Both funds invest your money in similar ways, but they are different in the way they're owned and managed. Industry super funds are independently run and owned by members, while retail funds are owned by major banks, insurance companies or other financial organisations. Industry super funds typically have lower fees.

• Should I change my super to an SMSF?

  SMSFs are generally only recommended if you've got a large super balance to invest, usually $200,000 or more. This is because SMSFs can be quite expensive to run and maintain, especially compared to a typical super fund. If you've got a large balance to invest, investment expertise and experience and an understanding of the legal framework, it could be something worth looking into. But keep in mind there are a lot of legal requirements you need to keep up with, as well as annual fees and charges.

• How do I change super funds?

  Once you've found the new fund you want to join, complete the online application form to become a member. Throughout this process you can elect to have your previous super fund transfer your balance over into your new fund. Most of the work is done for you by your new fund. For a more detailed guide on how to do this, take a look at our article on how to change super funds in 4 steps.

• Can I have multiple super funds

  Yes, you can have multiple super funds, but it's not a good idea to do so. If you had more than one fund, you'd be paying multiple sets of fees which would eat into your retirement balance. If you've got more than one fund open in your name it's a good idea to consolidate them.

Why you can trust Finder's super fund experts

We're free

Our comparison tables are completely free to use. We link you directly to the super fund's secure application page. Plus, you can access all of our research in our media room.

We're experts

We've researched and rated hundreds of super funds as part of our Finder Awards. We've published 50+ guides and our in-house experts regularly appear on Sunrise, 7News and SBS News.

We're independent

Unlike other comparison sites, we're not owned by a super fund company. That means our opinions are our own and you can compare nearly every super fund in Australia on Finder.

We're here to help

Since 2017, we've helped over 200,000 people find a super fund by comprehensively comparing funds. We'll never ask for your personal information. We're here to help you make a decision.