Unless indicated otherwise, the information in the table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, Australian Financial Services Licence 311880.
*Past performance data and fee data is for the period ending Dec 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.
At Finder, we understand that there is no one-size-fits-all "best" super fund. The ideal fund for you depends on your life stage, risk tolerance and growth objectives. To guide you effectively, we've selected super funds catering to different life stages and financial goals.
Our methodology involves a comprehensive analysis of various factors including performance, fees and investment options. We scrutinise funds to ensure they meet diverse investor needs, from those just starting their careers to those nearing retirement.
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.
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.
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
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:
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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.