Generally, to compare super funds, look at the following features:
You should also consider the following:
If you're young (under 45), you might want a super fund that has a bit more exposure to high-growth assets like shares and property. These assets offer higher capital growth over the long term so are best for members with a long timeframe. Once you get into your 50s, you might want to gradually reduce your exposure to high-risk growth assets (although you don't need to).
Regardless of your age, you should invest your super in a fund that aligns with your personal risk tolerance. If having the majority of your super invested in high-risk assets like shares is going to keep you awake at night, you might want to consider a balanced fund instead of a high-growth fund. If you're happy taking on more risk and it's not going to cause you anxiety, a high-growth option might be suited to you.
There are specialty funds that suit investors with particular preferences, for example funds that focus on technology investments or international shares.
If you don't want your super to be invested in industries like coal, fossil fuels, animal cruelty or ammunition manufacturing, you may want to consider an ethical super fund.
Hostplus Balanced has the best performance over the past 10 years with an average annual return of 8.9%. AustralianSuper Balanced is a close runner up with an average annual return of 8.6%, and Australian Retirement Trust Balanced with 8.4% p.a.
The table below uses performance data for the period ending June 2023. It looks at balanced funds only - balanced funds are those with 60-80% allocation towards growth assets like shares, and it's where the majority of Australians have their super invested.
All of these top 10 best performing funds are industry super funds, not retail funds.
| Super fund | Average 10-year return |
|---|---|
| Hostplus Balanced | 8.9% p.a. |
| AustralianSuper Balanced | 8.6% p.a. |
| Australian Retirement Trust - Balanced | 8.4% p.a. |
| UniSuper Balanced | 8.4% p.a. |
| Cbus Growth (MySuper) | 8.3% p.a. |
| Vision Super Balanced Growth | 8.1% p.a. |
| CareSuper Balanced | 8.0% p.a. |
| HESTA Balanced Growth | 7.9% p.a. |
| Aware Super Balanced | 7.8% p.a. |
| Spirit Super Balanced | 7.5% p.a. |
The super funds with the lowest fees are all single sector investment options. This is because they only invest in one asset class, rather than diversified options (such as balanced funds) which invest in many different asset classes.
Using the data in our comparison table, the super fund product with the lowest fees is QSuper International Shares with annual fees of just 0.31%. Other funds with low fees include: AMIST Shares with fees of 0.34%; Aware Super Australian Shares with fees of 0.36%; and Mine Super International Shares with fees of 0.36%.
If we just look at balanced funds instead, those with the lowest fees include: Bendigo SmartStartSuper Balanced Index with annual fees of 0.66%; UniSuper Balanced with annual fees of 0.67%; AMIST Balanced with fees of 0.73%; and AustralianSuper Balanced with fees of 0.76%.
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. Over the long term (10 years), these funds have all achieved annual average returns of between 10-12% p.a.
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:
Each year the regulator APRA analyses the market and identifies the worst super funds, which are underperforming for members. According to APRA data, in 2022 there were 350,000 fewer people in default super products with terrible investment performance compared to 2021, which is great news.
However, APRA data also shows that 800,000 people still have their super invested with an underperforming fund. If you haven't checked your fund in a few years, you could be one of them.
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.
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As a self employed, am I by law required to have a super fund? At 50, contemplating on starting a superannuation fund, plus paying for a 30 year mortgage, is there a table showing approximately returns on what amount is put in… Are there previous charts on what is put in and what is the outcome after 10/ 20 years?
Hi there,
When you are self-employed there is no legal requirement to pay yourself superannuation. However, there may be some tax advantages of doing so, not to mention the benefit of investment returns.
We’re not licenced to offer personal advice, but this calculator can help you understand how much you might be able to generate through super (in the employer contributions section, enter the percentage that you are considering paying):
https://www.finder.com.au/superannuation-calculator
Also, here is some more information about superannuation for self-employed Australians:
https://www.finder.com.au/superannuation-for-self-employed-workers
Hope this helps!
i have a 15 year old who is working. what is the best super fund for teenagers?
Hi Rachel,
We won’t be able to recommend any specific super fund products for your son. However we have written what to look for when selecting a suitable fund here
Thanks
Raj
Hi, I am looking for the best returning super fund taking into account as is stated on your website the fees, how the fund invests your money and if it aligns with your risk appetite which is high growth. The difficulty I am having is comparing high growth as the definition/asset class and the weightings between different super funds can vary so we are not comparing apples to apples. Currently I am with an industry fund and find since they run a lot of ads, fund profits/fees are eaten by the ads so I am looking for other type of funds that are also transparent. Thank you
Hi Navid, Finder is a comparison site and we aren’t licensed to give you any personal advice or product recommendations. You can use our comparison table to compare high growth options, by using the filters on the side: https://www.finder.com.au/super-funds
Hope this helps. Thanks,
Alison
Hi, I’m an international student (my plan is to get a PR eventually), and I am about to start 2 casual jobs; I do not know how to choose which is better for my situation. Could you please assist me with that?
Thank you.
Hi Maria, we aren’t licensed to offer you any personal financial advice or product recommendations. In general when choosing a super fund it’s best to look for a fund that has a combination of low annual fees and a history of high long-term returns. If you’d like some personal recommendations it’d be best to speak to a financial adviser who can give you recommendations for your situation. Thanks, Alison.
If the fees charged by on a Pension account are a percentage of your balance, how do you lose money by having more than one account?
Hi Barb, usually super funds charge a dollar based fee as well as a percentage based fee.