Every MySuper fund ranked: what APRA's data shows

MySuper is the default product type in Australian superannuation: where an employee has not chosen an investment option, employer contributions go into their fund's MySuper product. Because MySuper products are defaults, APRA collects and publishes a standard set of figures for every one of them in its Comprehensive Product Performance Package. This article reports what that package shows. It is a description of published data, not a recommendation about any product.

The figures below come from the APRA Comprehensive Product Performance Package (MySuper), published 29 August 2025. Every number is as at 30 June 2025. Across all 52 products APRA reports 16,378,700 member accounts holding about $1.21 trillion in member assets. Accounts are not people — one person can hold several accounts across different funds, so the account total is larger than the number of Australians with super.

The spread of ten-year net investment returns

Of the 52 products, 48 have a ten-year net investment return. Across those 48, the figures run from 6.63% a year (REI Super) to 8.59% a year (Team Super) — a spread of 1.96 percentage points. The median is 7.68% a year.

Those endpoints are not a like-for-like comparison. 24 of the 52 products are age-based lifecycle products whose headline figure describes one age cohort rather than the whole product, and the two products at the extremes of that range are not the same kind of thing. The section below sets out why.

The spread of total fees and costs on $50,000

APRA reports total fees and costs on a standard $50,000 account balance, which is what makes the column comparable: every product is measured on the same balance rather than on its own members' average. All 52 products have a fee figure. They run from $245 a year (Vanguard Super) to $625 a year (Hostplus), a difference of $380 a year on that balance. The median is $405.

Expressed as a share of the balance, that is 0.49% at the low end and 1.25% at the high end, with a median of 0.81%. The dollar figure is a comparison point rather than anyone's actual bill: a member with a different balance is charged a different amount. The super fund fees tool converts each product's $50,000 figure to a rate and applies it to a balance you enter.

The largest products by member accounts

The table lists the 12 MySuper products with the most member accounts in APRA's data, with the ten-year net investment return and the total fees and costs on $50,000 that APRA reports for each. Where a product is a lifecycle product, the range across its age cohorts is shown underneath the headline figure.

Ordering by member accounts rather than by return is deliberate: it shows where Australians' default balances actually sit. The fund comparison tool lists all 52 products, including the smaller ones left out of the table above.

Reading the data honestly, part 1: lifecycle products

24 of the 52 products are lifecycle (sometimes “lifestage” or “glide path”) products, covering 5,736,550 member accounts. The remaining 28 run a single investment strategy for everyone in the product.

A lifecycle product does not hold one portfolio. It sorts members into age or birth-year cohorts and shifts each cohort progressively out of growth assets and into defensive assets as it ages. Two members of the same product, born twenty years apart, therefore hold different investments and record different returns. There is no single ten-year return for the product, and APRA does not publish one — it publishes a figure for each cohort. 21 of the lifecycle products in this data report cohort-level detail, and the headline figure carried in the table above is the accumulation or growth stage, which is the highest of them.

The range that sits behind a single headline number can be very wide. smartMonday PRIME publishes 41 separate age cohorts. Its “smartMonday Lifecycle Under 35” cohort recorded 8.47% a year over ten years; its “smartMonday Lifecycle Over 75” cohort recorded 4.02%. That is a gap of 4.45 percentage points inside one product — wider than the 1.96 percentage points separating the highest and lowest headline figures across all 48 products.

The pattern repeats at scale. Australian Retirement Trust, the largest lifecycle product by member accounts, reports 8.20% for its “Less than 50” cohort and 6.01% for “Age 65 and over”. Fees move by cohort too: $360 against $325 on a $50,000 balance for those same two groups. The lowest single cohort figure anywhere in the data is 3.69% — the “Sustain 2 Group” cohort of QSuper Lifetime (ART).

None of that is a judgement about the older cohorts. A cohort near or past preservation age holds more defensive assets by design, and a portfolio built to move less will record a different ten-year number from one built to grow — that is the product working as described, not a failure. The point here is narrower and purely mechanical: a lifecycle product's headline ten-year return describes its youngest members, not the product. Comparing that number against a single-strategy product's whole-of-product number compares two different things. 16 individual cohorts across the lifecycle products are themselves too new to have a ten-year figure at all.

Reading the data honestly, part 2: products with no ten-year history

4 of the 52 products have no ten-year return in the data: ADF Super, Mercer Tailored (CRG), AMP SignatureSuper — Water Corp, Vanguard Super. They are too new to have a full ten-year record to 30 June 2025, so APRA reports nothing in that column. 3 of them carry shorter-horizon figures instead.

A blank is not a zero and it is not a poor result. Any table that sorts on the ten-year column has to put these products somewhere, and sorting them to the bottom — or, worse, treating a missing value as 0% — misrepresents them. They still report fees, which are measured on the same $50,000 basis as everyone else.

What APRA's two headline columns actually measure

Net investment return

The ten-year figure is the net investment return, annualised: the return credited to the investment option after investment fees and costs and after tax have been deducted. It is an annual compound rate, not a total. A figure of 7.68% a year over ten years is the constant rate that would produce the same end value as the actual sequence of ten annual returns. It is not the return of any particular year, and the individual years are not in this column.

Because APRA publishes fees in a separate column, the two numbers are not additive. The return is already net of investment fees and tax; the fee column reports the total charged on the account. Subtracting one from the other double-counts.

Total fees and costs

This is APRA's all-in measure: administration fees and costs plus investment fees and costs, including what is charged inside the underlying investments, expressed as dollars a year on an account of $50,000. Insurance premiums and advice fees sit outside it, which is why the number on a member statement will not match. Two products can arrive at the same total from different mixes — a fixed administration amount plus a percentage, or a percentage alone — so the total is comparable across products without the composition being identical. On a lifecycle product it varies by cohort, as the Australian Retirement Trust figures above show.

Past performance

Past performance is not a reliable indicator of future performance. A ten-year net investment return records what happened between 2015 and 2025 in one particular sequence of markets, under one particular asset allocation. It carries no information about what the next ten years will do. A table ordered by that column is ordered on history and on nothing else.

Which product any individual holds, and whether that suits them, depends on their age, their balance, their insurance arrangements inside super, their tax position and their objectives — none of which appear in APRA's data and none of which are considered anywhere on this page. A licensed financial adviser, your fund, or ASIC's MoneySmart can help with questions about a specific situation. What this page reports is the published record: 52 products, 48 ten-year returns between 6.63% and 8.59%, and fees on $50,000 between $245 and $625.