How to Compare Super Funds in Australia: What Actually Matters and What to Ignore (2026)

The compounding effect of fees and investment returns over decades is dramatic. Consider two funds: one charging 0.5% in total fees with 8% average annual returns; another charging 1.5% in fees with the same 8% gross returns. On a $50,000 starting balance with $5,000 per year in contributions over 30 years, the low-fee fund delivers approximately $680,000 versus the high-fee fund's $560,000 - a $120,000 difference purely from fees. Now add underperformance to the higher-fee fund and the gap widens further.

APRA (the Australian Prudential Regulation Authority) conducts annual performance tests for MySuper products. Funds that fail two consecutive performance tests must notify members and cannot accept new members until performance improves. Checking whether your fund has passed or failed the APRA performance test is an important starting point.

Focus on these factors in order of importance:

• Investment performance over 5 to 10 years: Short-term performance (1 to 3 years) is heavily influenced by market conditions. Look at 5-year and 10-year returns after fees for the specific investment option you will be in (most people are in the default Balanced or MySuper option). Compare to the median for that option type on the ATO's YourSuper Comparison Tool.
• Total fees (investment fees plus administration fees): The total fee expressed as a percentage of your balance is the most important number. For a Balanced MySuper option, fees range from around 0.5% to 1.5% or more per year. A $100,000 balance at 0.6% in fees costs $600/year; at 1.4%, it costs $1,400/year. Dollar-based admin fees (common in industry funds) are more efficient at higher balances - at low balances, they may be proportionately high.
• APRA annual performance test results: Check the most recent APRA performance test results on the APRA website. Funds that underperform relative to benchmark by 0.5% or more over 8 years fail the test. Avoid funds that have recently failed.
• Insurance included: Default insurance (life, TPD, and sometimes income protection) is included in most super funds and premiums are deducted from your balance. Compare coverage amounts and costs - these vary significantly between funds. If you have personal insurance outside super, you may be able to opt out of overlapping super insurance to reduce fee drag.
• MySuper vs Choice product: Most Australians are in a MySuper product (the default option). These are simpler, lower-cost products regulated under additional APRA rules. If you are in a choice or retail product, compare its fees and performance against MySuper alternatives - many retail products significantly underperform comparable industry fund MySuper options on a fee-adjusted basis.
• Member services and online tools: Access to financial advice, online account management, educational resources, and retirement planning tools matter for members who want to engage actively. Industry funds like Australian Super, Aware Super, and Hostplus have invested heavily in member services.

The government's YourSuper tool is the most straightforward starting point for comparison:

• Access: Go to ato.gov.au and search for 'YourSuper comparison tool', or access it directly through myGov. The tool compares all MySuper products from APRA-regulated funds.
• What it shows: Annual fees (as a dollar amount on a $50,000 balance), 7-year investment returns, APRA performance test pass/fail status, and a link to each fund's website for detailed information.
• Filtering: Filter by investment option type (Balanced, Growth, Conservative) and sort by fees or returns. This allows a direct like-for-like comparison between funds for the same investment strategy.
• Limitations: The tool covers MySuper products only - it does not include all investment options within funds, SMSF comparisons, or detailed insurance comparisons. Use it as a first filter, then investigate shortlisted funds in more detail.
• Superannuation comparison websites: CANSTAR's super comparison, Finder's super comparison, and Chant West (used by financial advisers) provide more detailed comparisons including insurance and non-MySuper investment options.

These funds have consistently appeared near the top of independent performance and fee assessments - this is not a recommendation, as individual suitability depends on your circumstances:

• AustralianSuper: The largest super fund by assets under management. Low fees, strong long-run investment performance, and extensive member services. Default Balanced option has performed consistently above median. Part of the industry (not-for-profit) fund sector.
• Aware Super: Strong long-run performance, competitive fees, and particularly strong member services for public sector and health workers (formerly First State Super and VISSF).
• Hostplus: Consistently strong investment performance across multiple options. Popular among hospitality workers (its industry) but open to most Australians. Index investment options are available at very low fees.
• UniSuper: Designed for university and higher education sector. Competitive fees and investment options, particularly the defined benefit and accumulation options for eligible members.
• Rest Super: Retail and fast food sector fund open to all. Competitive fees and performance, with a strong focus on younger members.

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