Superannuation funds have continued to deliver strong returns to members over the 2026 financial year, navigating significant global volatility to finish the year on a high note. SuperRatings expects that all Balanced options, defined as those with exposure to between 60% and 76% growth assets such as shares, will have delivered positive returns to their members over the year to 30 June 2026; however, the dramatic shifts in returns throughout the year in response to geopolitical events mean 2026 returns will be a bit lower than 2025. The median Balanced option will deliver 9.4% for the year to 30 June 2026 compared to 10.3% over 2025 with a handful of top funds likely to record double-digit returns.
International shares, particularly US markets, remained the primary driver of returns over the 12 months to 30 June 2026. Semiconductors, computer storage and other hardware manufacturers supplying the artificial intelligence boom helped drive performance, outpacing the ‘Magnificent Seven’ companies such as Apple and Amazon which have dominated returns in recent years. These gains, however, were tempered by ongoing uncertainty around US tariff settings and the outbreak of new hostilities in the Middle East. At home, Australia has seen elevated inflation, with consecutive RBA rate hikes causing headwinds to Australian markets. Shares in commodities and mining companies were the leading performers, while banks and financials had more mixed results.
For the second consecutive year, Raiz Super’s Moderately Aggressive option took out the top spot in the SR Balanced (60-76) Index for the year ending June 2026 with a return of 13.4%, while NGS Super’s Diversified (MySuper) option was ranked second with a return of 11.5%. Hostplus’ Indexed Balanced option was ranked third with a return of 11.1%, while the fund’s Balanced option was close behind ranking fourth with a return of 10.8%. Meanwhile, the top five funds were rounded out by UniSuper’s Balanced option and Colonial First State Wholesale Personal’s Enhanced Index Balanced, both delivering 10.4%.
“While we have seen a reduction in the number of funds in recent years, we are seeing fierce competition on the returns front. It is encouraging to see that smaller funds have proven they can still deliver members returns that are on par with, and in some cases exceeding, those of their larger competitors,” said Kirby Rappell, Director of SuperRatings.
Top 10 Balanced options over 12 months to 30 June 2026
| Rank | Option Name | 1 Year % | 10 Year % p.a. |
| 1 | Raiz Super – Moderately Aggressive | 13.4 | – |
| 2 | NGS Super – Diversified (MySuper) | 11.5 | 7.9 |
| 3 | Hostplus – Indexed Balanced | 11.1 | 8.7 |
| 4 | Hostplus – Balanced | 10.8 | 8.9 |
| 5 | UniSuper – Balanced | 10.4 | 8.3 |
| 6 | Colonial First State First Choice Wholesale Personal – Enhanced Index Balanced | 10.4 | 7.8 |
| 7 | legalsuper – MySuper Balanced | 10.1 | 8.0 |
| 8 | CSC PSSap – MySuper Balanced | 10.0 | 7.7 |
| 9 | ESSSuper – Balanced Growth | 9.9 | – |
| 10 | GESB Super – My GESB Super Plan | 9.9 | 7.4 |
| SR Balanced (60-76) Index^ | 9.4 | 7.7 |
Returns are after investment fees and taxes and are rounded to one decimal place; however, rankings are determined using unrounded data held by SuperRatings. Based on options included in the SR Balanced (60-76) Index.
Passive investment strategies benefited significantly from their allocations to international shares with the S&P 500 delivering a return of over 20% during the 2026 financial year, resulting in the median passive Balanced (60-76) investment option delivering a return of 9.8% for the year and 7.3% per annum (p.a.) over the past five years.
Top 10 Balanced passive options over 12 months to 30 June 2026
| Rank | Option Name | 1 Year % | 5 Year % p.a. |
| 1 | Raiz Super – Moderately Aggressive | 13.4 | 7.5 |
| 2 | Hostplus – Indexed Balanced | 11.1 | 8.1 |
| 3 | AMP Signature Super – Balanced Index | 10.8 | 7.0 |
| 4 | HESTA – Indexed Balanced Growth | 10.5 | 7.9 |
| 5 | Australian Retirement Trust – Super Savings – Balanced Index | 10.3 | 7.1 |
| 6 | Rest – Growth Indexed | 10.0 | 7.5 |
| 7 | Colonial First State First Choice Wholesale Personal – Index Balanced | 9.9 | 6.4 |
| 8 | Essential Super – Balanced Index | 9.9 | – |
| 9 | NGS Super – Indexed Growth | 9.9 | 7.2 |
| 10 | OnePath OA Frontier – OnePath Growth Index | 9.9 | 6.5 |
Raiz Super’s Moderately Aggressive option was the top performing passive option, returning 13.4% followed by Hostplus’ Indexed Balanced option with a return of 11.1% over the 12 months to 30 June 2026. AMP Signature Super took out third place with its Balanced Index option delivering 10.8%.
Over 40% of MySuper default products now use lifecycle investment strategies, which allocate a greater proportion of members’ savings to growth assets when they are younger and progressively reduce risk as retirement approaches by increasing exposure to defensive assets such as cash and fixed interest. This approach fared well as equities rose, with a median return of 10.8% over the year for a member aged 45 invested in a lifecycle option.
Colonial First State First Choice and Essential Super delivered the top default lifecycle return for members aged 45 or under of 13.6% for the year, followed by Vanguard Super which delivered 12.3%.
Top 10 MySuper lifecycle options over 12 months to 30 June 2026
| Rank | Option Name | Growth Assets % | 1 Year % | 10 Year % p.a. |
| 1 | Colonial First State First Choice MySuper – Lifestage 1980-84 | 93 | 13.6 | 9.4 |
| 2 | Essential Super MySuper – Lifestage 1980-84 | 93 | 13.6 | 9.0 |
| 3 | Vanguard MySuper – Lifecycle Age 47 and under | 90 | 12.3 | – |
| 4 | Team Super MySuper – Lifecycle Investment Strategy Under Age 50 | 93 | 12.1 | 9.4 |
| 5 | Virgin Money Super – LifeStage Tracker Born 1979 – 1983 | 90 | 11.9 | – |
| 6 | ANZ Smart Choice Super – MySuper 1980s | 87 | 11.3 | 8.6 |
| 7 | AMP Signature Super – MySuper 1980s | 86 | 11.2 | 8.9 |
| 8 | Mercer SmartPath – MySuper Born 1979 – 1983 | 88 | 10.4 | 9.1 |
| 9 | MLC MasterKey Business Super – MySuper Under Age 55 | 75 | 9.9 | – |
| 10 | Australian Retirement Trust – QSuper Lifetime – Lifetime Outlook | 85 | 9.4 | 7.2 |
While increased exposure to growth assets has rewarded members in recent years with outsized returns, members should be aware that this increased exposure also brings with it the potential for increased volatility over the short and medium-term. These lifecycle investment strategies can also vary significantly between funds in terms of how much growth asset exposure they provide across a member’s lifetime, at what age they start derisking and how much they derisk by the time a member reaches retirement.
“We encourage members to do their own research on their fund’s investment options and ensure that their current option aligns with their financial objectives. Members should be comfortable with the expected annual and long-term investment performance outcomes including the risk of negative return years” commented Mr Rappell.
Top 5 Sustainable Balanced options over 12 months to 30 June 2026
| Rank | Option Name | 1 Year % | 5 Year % p.a. |
| 1 | Active Super Saver – Balanced | 9.6 | – |
| 2 | Australian Retirement Trust – Super Savings – Socially Conscious Balanced | 9.2 | 6.9 |
| 3 | AustralianSuper – Socially Aware | 8.8 | 6.2 |
| 4 | Hostplus – Socially Responsible Investment – Balanced | 8.7 | 7.2 |
| 5 | Super SA Triple S – Socially Responsible* | 8.5 | 6.3 |
Returns are after investment fees and taxes and are rounded to one decimal place; however, rankings are determined using unrounded data held by SuperRatings. Based on SR Sustainable Balanced Survey for options with SAA of 60-76% growth assets tracked by SuperRatings.
For members invested in options with a focus on sustainability 2026 returns sat markedly below the broader Balanced universe, although remained positive, with the median sustainable balanced option returning 6.4%. Active Super Saver’s Balanced option was the top performer over the year with a return of 9.6%.
“While threats of tariffs and the outbreak of conflict between the US and Iran created turbulence around investment returns over the year, superannuation is intended to provide for members in their retirement,” said Mr Rappell. “Members may have decades until their retirement and a long-term view should be taken when assessing investment outcomes.”
Hostplus continues to be the top performer over the 10-year period, with the fund’s Balanced option delivering to members 8.9% p.a., closely followed by Brighter Super’s Balanced option return of 8.8% p.a. Hostplus also captured the third position with its Indexed Balanced option returning 8.7% p.a., while Australian Retirement Trust and AustralianSuper’s Balanced options rounded out the top five with returns of 8.7% p.a. and 8.5% p.a. respectively.
Top 10 Balanced options over 10 years to 30 June 2026
| Rank | Option Name | 1 Year % | 10 Year % p.a. |
| 1 | Hostplus – Balanced | 10.8 | 8.9 |
| 2 | Brighter Super – Balanced | 8.6 | 8.8 |
| 3 | Hostplus – Indexed Balanced | 11.1 | 8.7 |
| 4 | Australian Retirement Trust – Super Savings – Balanced | 8.0 | 8.7 |
| 5 | AustralianSuper – Balanced | 9.8 | 8.5 |
| 6 | Vision Super – Balanced Growth | 9.8 | 8.4 |
| 7 | UniSuper – Balanced | 10.4 | 8.3 |
| 8 | HESTA – Balanced Growth | 9.5 | 8.3 |
| 9 | Aware Super Future Saver – Balanced | 7.6 | 8.2 |
| 10 | Cbus – Growth (MySuper) | 9.3 | 8.1 |
| SR Balanced (60-76) Index^ | 9.4 | 7.7 |
Returns are after investment fees and taxes and are rounded to one decimal place; however, rankings are determined using unrounded data held by SuperRatings. *Based on SR Balanced Index options with SAA of 60-76% growth assets tracked by SuperRatings.
“This year has been another strong result, well above the long-term annual return of 7.3% since compulsory superannuation began in 1992. Converted into dollars, $100 invested in the median balanced super fund in 1992 would now be worth over 10 times that amount at approximately $1,099” continued Mr Rappell.
Investment fluctuations likely to continue in FY27
The 2026 financial year saw considerable ups and downs resulting from global events and these conditions are likely to persist over the coming year. The US-Iran outlook remains uncertain, and questions remain over how the expected productivity gains of artificial intelligence will translate into corporate profits, as well as the broader outlook for economic growth and inflation here and abroad. While younger members will have many years to recover from any downturns, minimising account balance swings may be pivotal for the retirement planning of those approaching, or already in, retirement.
“Protecting member balances from larger moves in markets is a key function of superannuation investment teams, and the importance of this role only grows as members approach the end of their working life. While funds that were more defensively positioned have not benefited as much from the growth that markets have delivered in recent years, strong diversification helps shelter members from market fluctuations and supports smoother returns over the long term.”
The table below shows the top 10 funds ranked according to their level of volatility, which measures how much members are being rewarded for taking on the ups and downs in their balances.
First Super members had the highest return for the amount of risk taken over the past seven years, returning 7.1% p.a. While Hostplus and Australian Retirement Trust’s Super Savings product returned 8.1% and 7.9% p.a. respectively, they did so while taking more risk.
Top 10 funds based on volatility-adjusted performance over 7 years to 30 June 2026
| Rank | Option Name | 7 Year % p.a. |
| 1 | First Super – Balanced | 7.1 |
| 2 | Hostplus – Balanced | 8.1 |
| 3 | Australian Retirement Trust – Super Savings – Balanced | 7.9 |
| 4 | ESSSuper – Balanced Growth | 8.6 |
| 5 | CSC PSSap – MySuper Balanced | 7.3 |
| 6 | NGS Super – Diversified (MySuper) | 7.3 |
| 7 | CareSuper – Balanced | 7.0 |
| 8 | Brighter Super – Balanced | 8.2 |
| 9 | HESTA – Balanced Growth | 7.7 |
| 10 | Equip Super MyFuture – Balanced Growth | 7.5 |
Over the coming months, super funds will begin sending out their annual statements and this is a great opportunity for members to review their fund’s performance and fees, check if their personal details are up to date and ensure any insurance arrangements remain suitable for their circumstances. Taking some time now to get these settings right can have an enormous positive impact on your super balance at retirement and SuperRatings encourages members who seek greater clarity or advice to reach out to their fund or a trusted professional financial adviser to understand what support is available and what costs, if any, there are for receiving advice.
Release ends
We welcome media enquiries regarding our research or information held in our database. We are also able to provide commentary and customised tables or charts for your use.
For more information contact:
Kirby Rappell
Director of SuperRatings
Tel: 1300 826 395
Mob: +61 408 250 725
Kirby.Rappell@superratings.com.au
Require further information? Simply visit www.superratings.com.au
