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Industry super funds

Industry super funds often have lower fees than retail funds and high long-term investment returns. Switching to one could mean you retire with tens of thousands of dollars more in your super.

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Name Product Last 1 year performance (p.a.) Last 3 year performance (p.a.) Last 5 year performance (p.a.) Last 10 year performance (p.a.) Fees on $50k balance (p.a.)

Australian Retirement Trust (formerly Sunsuper for Life) - Lifecycle Balanced Pool

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Australian Retirement Trust (formerly Sunsuper for Life) -  Lifecycle Balanced Pool
Sunsuper and QSuper have merged to create Australian Retirement Trust, one of Australia's largest super funds with more than 2 million members. Its Lifecycle Balanced product invests your super in a mix of growth assets, and reduces your risk when you're near retirement.

HESTA Balanced Growth

HESTA Balanced Growth
HESTA is an industry super fund for the health and community services sector and open to all Australians. The Balanced Growth fund invests in a mix of asset classes without taking on too much, or too little, risk.

AustralianSuper - Pre-mixed, Balanced option

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AustralianSuper - Pre-mixed, Balanced option
AustralianSuper is an award-winning industry super fund and the largest super fund in Australia. The Balanced fund invests in a mix of different assets like shares, property and cash.

Aware Super High Growth

Aware Super High Growth
This is a high-risk investment option that aims to deliver higher returns over the long term.
If you join Aware Super's default MySuper Lifecycle option your super will be invested in the High Growth option while you're under 55, giving more exposure to local and international shares.

Australian Catholic Super Lifetime - Grow

Australian Catholic Super Lifetime - Grow
New Fund
New Fund
A Catholic super fund open to all Australians and designed for people working in Catholic education, healthcare or aged care.The Lifetime One fund option changes your investment mix as you get older.

QSuper Lifetime - Aspire 1

QSuper Lifetime - Aspire 1
New Fund
QSuper is part of Australian Retirement Trust. QSuper Lifetime automatically adjusts your investment mix in line with your age and your Lifetime account balance. Eligibility criteria and conditions apply to open a QSuper account (refer to 'More Info').

AustralianSuper - Socially Aware

AustralianSuper - Socially Aware
The AustralianSuper Socially Aware option doesn't invest in Australian or international companies that directly own coal and fossil fuel reserves, produce tobacco or those which have single-gender boards.

Australian Catholic Super Bonds

Australian Catholic Super Bonds

Australian Catholic Super Conservative

Australian Catholic Super Conservative

Australian Catholic Super Growth

Australian Catholic Super Growth
New Fund
New Fund
This is a high-risk investment option that aims to deliver higher returns over the long term.

Australian Catholic Super Conservative Balanced

Australian Catholic Super Conservative Balanced

The information in the table is based on data provided by Chant West Pty Ltd (AFSL 255320) which is itself supplied by third parties. While such information is believed to be accurate, Chant West does not accept responsibility for any inaccuracy in such information. Chant West’s Financial Services Guide is available at https://www.chantwest.com.au/financial-services-guide . Finder offers no guarantees or warranties about the data and we recommend that users make their own enquiries before relying on this information. Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. Past performance is not a reliable indicator of future performance.

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*Past performance data in the comparison table is for the period ending December 2021.

What is an industry super fund?

Industry super funds are not-for-profit super funds that are owned by the members of the fund. These funds give profits back to members in the form of lower fees, instead of paying profits to shareholders like many retail super funds do. Lower fees often mean higher investment returns over the long term, too.

Industry super funds aren't owned by a major bank or financial institution. Instead, they're owned by the members of the fund. Industry super funds are not-for-profit funds, as they don't exist to make a profit for a parent company or shareholders, but instead exist to benefit the members of the fund.

Industry super funds typically have the following features:

  • A lot of members from a particular industry
  • Low fees compared to some major retail funds
  • Strong long-term performance figures
  • They're not owned by a bank or financial institution
  • Large investments in Australian infrastructure (unlisted assets)
  • Will sometimes have the Industry Super Australia symbol on their branding and marketing materials

Can anyone join an industry super fund?

An industry super fund is a type of super fund that operates to benefit members. These members usually work in a particular industry or sector. Many industry super funds were initially only available to workers in a certain industry, for example, hospitality or retail. However, today, most industry super funds are open for all Australians to join.

If you work in a particular industry your employer may have the associated industry super fund available as their default option for employees. For example if you work in the constructions sector, your employer will likely have Cbus Super as their chosen default fund. However, you're in no way required to join your employers chosen fund or your industry fund and are free to join whichever super fund you wish.

What is Industry Super Australia?

Industry Super Australia is an advocacy body representing the needs and interests of industry super funds. It's also a research body which commissions consumer research projects on the superannuation sector at large, with a focus on industry funds and their benefits to Australians. Industry Super Australia actively campaigns for Australian workers to join an indutry super fund as opposed to a retail fund, often citing data that industry funds on average perform better than retire funds.

There are 15 super funds which are members of Industry Super Australia (listed below). However, not all industry super funds are members of Industry Super Australia.

Industry super Australia funds 2021

These 13 funds are all members of the peak advocacy body Industry Super Australia.

Industry super fundIndustry
AustralianSuperNo specific industry
CbusConstruction and building
HESTAHealthcare and community services
HostplusHospitality and retail
Spirit SuperMotoring and small business
CareSuperProfessional services
NGS superNon-government education and community organisations
Media SuperPrint, media, entertainment and arts
Energy SuperEnergy, renewables and electrical
First SuperFurniture, joinery, paper and timber
legalsuperLegal professionals
REI SuperReal estate

How well do industry super funds perform?

Industry super funds have, on average, performed better than retail super funds over the long term, according to research and advocacy group Industry Super Australia. One potential reason for this is that industry super funds tend to charge lower fees (although this isn't always the case). Because fees eat into your investment returns, the higher the fees, the less you'll earn in returns.

Best industry super funds

Here are the best-performing industry super funds according to super research agency Chant West.

Industry super fund 10-year return p.a. to June 2020
AustralianSuper Balanced8.8%
Hostplus Balanced8.6%
Cbus MySuper8.5%
CareSuper Balanced8.45

This list looks at the growth funds only (funds with 61-80% allocation to growth assets), which is where the majority of members have their super. Some industry funds have high growth and index investment options that may have performed even higher. Performance is only one factor to consider when looking for the best fund, and fees ply a large role too. More on this below!

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Industry super fund fees

The fees charged by industry super funds vary, and will depend on the investment option that you're in. Looking at the default investment options as an example (these are usually the MySuper, balanced or growth options), AustralianSuper Balanced has annual fees at $472.65 p.a. on a $50,000 balanced. In comparison, First Super has the highest annual fees at $852.79 p.a. on a $50,000 balance. Both are industry funds, and you can see the fees vary quite significantly.

When looking at the default MySuper funds, research by Rainmaker Group in October 2021 found UniSuper Balanced to have the lowest fees of all the industry super funds.

On a balance of $50,000, UniSuper Balanced charges just $321 in annual fees.

You can compare the annual fees charged by each industry fund for their default investment option in the comparison table above.

Some industry super funds offer an index investment option, which will charge much lower fees than a standard balanced or growth investment option. This is because it's a more passive form of investment that requires less work from the investment managers (instead of cherry-picking stocks, an index fund simply tracks an index like the ASX200).

For example, Hostplus's Indexed Balanced investment option (which shot to fame after the Barefoot Investor declared that it's his chosen super fund) charges just $103 p.a. on a $50,000 balance. This option invests your super in a mix of index funds (also known as exchange traded funds) rather than individual shares and other assets like infrastructure.

Industry super funds versus retail super funds: what's the difference?

A lot of the biggest super funds in Australia are either industry super funds or retail super funds. Industry super funds and retail super funds have many similarities. Both offer solutions for Australian workers to save money for retirement. Both industry and retail funds offer members a range of investment options, including default MySuper or balanced options as well as high growth and conservative options. Both types of super funds offer members insurance cover within their super.

However, there are a few differences between retail and industry funds to be aware of. The main differences between these two types of funds lie in their ownership structure, which ultimately affects their fees and investment returns.


Industry super funds are member-owned, not-for-profit funds. They're not owned by a bank or financial institution like retail funds. They also don't have shareholders to pay (or please!) as they're not publicly listed companies. Profits go back into the industry super fund to benefit the members.

Retail funds are owned and operated by large financial institutions like banks or insurance providers, so they're not owned by members. Because retail funds are often owned by publicly listed companies on a stock exchange, the super fund pays some of its profits to shareholders (in the form of dividends), investors and also executives and board members employed by the financial institution.

Because retail super funds aim to make a profit, they often charge higher fees than industry funds. However, this isn't always the case, so make sure you compare your options before committing to one fund over another.

Attracting new members

Industry super funds don't pay commissions to financial planners to sell or recommend the fund to consumers. This means that, in theory, the money the industry fund generates goes back into the fund to benefit new and existing members.

Industry super funds do, however, spend a significant amount of money on advertising to attract new members. This has been described by critics as not fitting in with the "profit-for-members" philosophy. However, the funds argue that the more members it has, the more it has in funds under management, which will ultimately benefit all members in the long term.

Retail funds, on the other hand, used to pay commissions to financial planners to sell their super product to clients. However, this has been banned for several years now. Because retail funds are owned by large financial institutions that offer many different financial products and services, it's common for a bank's financial adviser to cross-promote or suggest the super fund product to bank customers who have another product, like a mortgage. This isn't necessarily a bad thing; if you've got all your banking products with a particular bank then having your super with the same bank might be a convenient and appealing option for you.


Another interesting point of difference between these two types of funds is that industry super funds have significant investments in unlisted assets. This mainly includes Australian infrastructure like roads, bridges, airports and public transport.

Some analysts say these investments have helped industry super funds outperform retail super funds on average over the long term. However, others have raised concerns about the large amount of workers' super being invested in unlisted assets that are difficult to value and difficult to sell in comparison to listed assets like shares.

How to pick the right industry super fund for you

There's no single industry super fund that is best. What's right for you might not be right for someone else. The right industry super fund for you depends on a number of factors:

The industry you're in: Industry funds are now open to all Australians to join, however many still cater for workers in a particular industry. For example if you're in the construction industry, it's likely that your employer will recommend Cbus. Cbus invests in construction projects around the country, helping to support the sector and keep workers in jobs.

If you want a particular investment option: If you're after a particular investment option, such as an indexed option or an ethical option, these aren't offered by all industry super funds. HESTA for example offers an ethical investment option (Eco Pool) but no indexed investment option. While LUCRF Super offers an indexed investment option but no ethical option.

If you want a lifestage investment strategy: Are you looking for a lifestage super option, which adjusts your super investments in line with your age? This type of option is only available with Maritime Super. The other industry super funds all offer pre-mixed balanced or growth funds as their default option. There are, however, quite a few retail super funds that offer a lifestage investment approach.

How to switch to an industry super fund

Despite initially being established for a particular sector, industry super funds are now open for all Australians to join. Switching to an industry super fund is a quick and easy process that can be done online in less than 30 minutes.

Follow these steps to switch to an industry super fund:

1. Pick an industry super fund.

You can use the comparison table above to compare the fees and performance figures for all industry super funds. If you click on the name of the fund, you'll also be taken to our dedicated review page for the fund to learn more about its features and how it invests your super.

2. Join the fund.

Complete the online membership application form for the fund you've chosen. Make sure to have details like your Tax File Number and your employer's details handy, as well as ID like a driver's license or passport.

3. Close your previous fund (if you have one).

If you've got a super fund already and you want to move your super over into the new industry super fund, you can declare this in the application form in step 2. There will be an option to consolidate your super in the application form. Just provide your membership number/s from your old fund, and the new fund you're switching to will take care of the rest.

4. Tell your employer.

Once your new super fund is up and running, you'll get your new membership details sent to you. Give these to your employer so that they can pay your super guarantee payments directly into the new fund.

Have you decided an industry super fund isn't what you're after? Maybe one of our best super funds picks will be right for you instead.

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