10 top performing super funds for 2023: Is yours on the list?
Industry funds Hostplus, AustralianSuper and Australian Retirement Trust are among the best performers over the last decade.
SuperRatings has revealed the top performing super funds over the recent financial year, as well as the top performers over the past 10 years.
The top performing balanced fund for the 2022-23 financial year was ESSSuper Balanced Growth with a return of 13.3% for members (only emergency services and Victorian government employees can join this fund).
However, when looking at super fund performance it's far more useful to look at the top performers over 10+ years, as opposed to just looking at the past year's returns.
Looking at long term performance gives you a a better idea of how the fund has performed over time (super is a long term investment and you want a fund that has consistently achieved high returns).
Over the past 10 years, the best performing growth super funds were industry funds Hostplus Balanced, AustralianSuper Balanced and Australian Retirement Trust Balanced.
In fact, all 10 top performing funds over the last decade were industry super funds.
Top performing super funds over the past decade, to June 2023
| Super fund | Average 10-year return |
|---|---|
| Hostplus Balanced | 8.9% p.a. |
| AustralianSuper Balanced | 8.6% p.a. |
| Australian Retirement Trust - Balanced | 8.4% p.a. |
| UniSuper Balanced | 8.4% p.a. |
| Cbus Growth (MySuper) | 8.3% p.a. |
| Vision Super Balanced Growth | 8.1% p.a. |
| CareSuper Balanced | 8.0% p.a. |
| HESTA Balanced Growth | 7.9% p.a. |
| Aware Super Balanced | 7.8% p.a. |
| Spirit Super Balanced | 7.5% p.a. |
The table above looks at balanced funds only. Balanced funds are those with 60-76% allocation towards growth assets like shares, and it's where the majority of Australians have their super invested.
Balanced funds are, more often than not, the default MySuper options that members are invested in when joining a fund.
If you haven't looked at your super in a while, it could be time to switch. Compare super funds to see how your current fund stacks up and, if you decide it's time to switch, you can easily change super funds with our 4-step guide. Need help deciding on a fund? Finder's best super fund picks might be a good place to start.