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 Feb 2024
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.
We put every effort into ensuring information on Finder is accurate. This article was reviewed by Karen Eley from our Editorial Review Board as part of our fact checking process.
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 and have a shorter investing time horizon for a portion of their balance. If needing access to funds in the next 3-5 years, it's important to be invested in a lower risk option.
Access to insurance cover. Does the fund offers members cost-effective life, TPD and salary continuance policies?
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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How did I find how Colonial First state pension fund fared in comparison to Australian Super
Hi Andrew,
Thanks for contacting Finder.
To help you compare funds, there are a few key areas, that should be considered when comparing and they include long-term performance, fees and the fund’s investment strategy for your age. We have written a how-to-compare guide, which can help you compare.
Thanks
Raj
Do you have people who advise on how to shutdown an SMSF and transfer to an Industry super fund? And whether it makes sense?
Hi Alan,
Finder is a financial comparison site – we can help you compare your options between products but we aren’t able to offer you any personal financial advice. We suggest you speak with a financial advisor or tax accountant for advice.
Looking at your figures which you say are accurate, I can 100% tell you they are not accurate at all . You have Australian super at 2.71% loss financial year 21/22 , my Super went down far more than that , the figure was 5.1% on the base starting figure plus whole years deposits over the year it would make the loss approx 10% annual .Then if you add in the investment loss , fees etc the figure goes far higher , can you please explain your figures
Hi Michael,
The figures in our super tables are supplied by superannuation research firm Chant West, which source the data directly from the funds themselves. The figure you’re referring to for AustralianSuper is for its Balanced fund. if you’re in a different investment option, or your balance is split between a couple of different options, your performance returns will be different.
Thanks,
Alison
how much are the superannuation fees/costs ?
Hi there,
Super fund fees all vary depending on the fund you’re with, the investment option and your balance. You can see the annual fees based on a $50k balance as an example for the sake of comparison in our table above.
Thanks,
Alison
Hi what is the cheapest superfund based on 20,000 in a high growth setting? What are the investment fees p.a.?
Thanks
Clare
Hi Clare,
Currently our comparison table shows the annual fees based on a $50k balance, to help you compare. The fees will be different based on a $20k balance, however, looking at the $50k fees can still help you see which funds are the cheapest and which are the most expensive.
You can use the filters on the side of the table to look at high growth options only, then sort by fees to see the lowest fees first.
Thanks,
Alison