Choosing the right super fund makes a big difference to your retirement savings. In 2026, Australians face a clear choice between industry super funds and retail super funds — each with their own strengths and weaknesses. Industry funds generally offer lower fees and strong returns due to their not-for-profit structure, while retail funds often provide a wider range of investment options and insurance products but usually at higher costs. Understanding these differences and how the top funds stack up can help you make a smarter decision for your future.
Quick Comparison Table: Top Super Funds Australia 2026
- AustralianSuper – Industry leader, strong returns, low fees
- Hostplus – Low fees, solid growth, strong construction sector links
- REST – Retail/hospitality focus, competitive fees
- HESTA – Health/community sector, balanced performance
- Cbus – Construction industry, solid returns, reasonable fees
- UniSuper – University sector, consistent growth
- Sunsuper/Australian Retirement Trust – Large industry fund, merged strength
- MLC – Retail fund, higher fees, wide investment options
- AMP – Retail, notable fees, insurance options
- BT (Westpac) – Retail, diverse choices, higher costs
1. AustralianSuper
AustralianSuper is Australia’s largest super fund by membership and assets, managing over $250 billion in funds as of early 2026 with more than 2.3 million members. It consistently ranks highly in the Australian Prudential Regulation Authority (APRA)’s annual performance tests. Over the past decade, AustralianSuper’s Growth option has delivered an average return of approximately 8.5% per annum, outperforming many peers in both industry and retail sectors. Fees are competitive, with total costs (administration plus investment fees) generally around 0.9% per annum for the Growth option. This option balances risk and return, investing in a diversified portfolio including Australian and international shares, property, fixed interest, and alternatives.
AustralianSuper also offers a variety of insurance products, including default life cover, total and permanent disability (TPD), and income protection insurance, which are automatically provided unless members opt out. Members are encouraged to review their insurance cover regularly to avoid paying for more protection than needed, as default cover may not suit everyone’s circumstances. The fund has invested heavily in technology, providing members with a user-friendly app and online portal that offer tools for tracking super balances, insurance, and investment performance.
Pros: Strong long-term returns backed by APRA data, low fees compared to retail funds, comprehensive insurance options, excellent digital access and member services, wide range of investment options within Growth and other investment strategies.
Cons: Default insurance cover may not suit younger or low-risk members; limited choice for those seeking very high-risk investments beyond the Growth option; some members may want more personalised financial advice, which is offered but at extra cost.
Best for: Anyone seeking a reliable, low-cost industry fund with solid long-term returns and easy-to-use digital tools.
Pricing: Around 0.9% total fees on the Growth option, with administration fees approximately $78 per annum plus investment fees that vary slightly depending on investment choice.
2. Hostplus
Hostplus is well known among hospitality, tourism, and sports workers and continues to grow its membership, now exceeding 1.8 million Australians as of 2026. It has built a reputation for low fees and strong investment performance. The Growth option has returned an average of around 8.3% per annum over the past 10 years, making it one of the top-performing industry funds. Its fees are among the lowest in the sector, with total costs around 0.75% annually, including administration and investment fees.
Hostplus invests heavily in Australian shares, international equities, fixed income, and alternative assets such as infrastructure and property. The fund’s strong links with the construction sector mean it has a solid understanding of property and infrastructure investments, which supports its growth portfolio. Insurance cover is automatically provided, including life and TPD, with income protection available on application. Members can adjust insurance levels to suit their needs.
The fund also offers a dedicated MySuper option for default members and has a strong focus on member education and digital engagement, with a highly rated app and website. In recent years, Hostplus merged with other funds like Statewide Super and the Maritime Super to become one of the largest industry funds with diverse investment capabilities.
Pros: Low fees that are well below the industry average, consistent strong returns, solid investment in alternative assets, good insurance flexibility, user-friendly digital platform, and strong sector knowledge.
Cons: Limited high-risk investment options outside standard Growth and Balanced choices; insurance default cover may not fit all member profiles; less personalised advice options compared to some retail funds.
Best for: Workers in hospitality, tourism, and related industries seeking low-cost super with solid long-term growth.
Pricing: Around 0.75% total fees on Growth investment option; includes an administration fee of approximately $80 per year plus investment fees.
3. REST Super
REST Super is a retail fund historically focused on hospitality and retail workers but open to all Australians. It manages over $70 billion for about 1.3 million members. REST has been competitive on fees and offers a range of investment options, including socially responsible and sustainable investment choices. The Growth option has returned around 7.8% per annum over 10 years, slightly below the top industry funds but still solid.
Fees for REST’s Growth option sit at approximately 0.95% annually, including administration and investment costs. While retail funds typically charge higher fees than industry funds, REST remains one of the more affordable retail options. The fund places strong emphasis on insurance, offering default life, TPD, and income protection cover, with options to tailor insurance based on member needs.
REST also provides access to financial advice through partnerships, though advice services usually come at an additional cost. The fund offers a good online platform and mobile app for managing accounts and investments.
Pros: Competitive fees for a retail fund, broad investment options including ethical funds, strong insurance offerings, accessible financial advice services.
Cons: Fees higher than most industry funds, investment returns slightly lower over the long term, insurance premiums can be higher due to retail structure.
Best for: Hospitality and retail workers who want a retail-style fund with competitive fees and good insurance options.
Pricing: Around 0.95% total fees on Growth option; includes $85 administration fee plus investment fees.
4. HESTA
HESTA is the industry super fund for health and community services workers, with over $80 billion in funds under management and roughly 900,000 members as of 2026. It has a strong reputation for balancing risk and reward, with a Growth option averaging about 7.9% per annum over the past decade. Fees are moderate, with total costs around 0.85% per annum.
HESTA invests in a mix of Australian and international shares, fixed income, property, and alternatives. It's also noted for its commitment to responsible investment and sustainability, appealing to members who prioritise ethical considerations. Insurance is provided by default, including life, TPD, and income protection, with options to adjust cover levels. The fund offers financial advice and has a user-friendly digital interface for members to manage their super.
Pros: Balanced returns with moderate fees, strong ethical investment focus, good insurance options, tailored for health and community workers.
Cons: Fees higher than some industry peers, growth returns slightly below top-performing funds, limited very high-risk investment choices.
Best for: Health, community services, and social workers seeking ethical investment with balanced returns.
Pricing: Approximately 0.85% total fees on Growth option, with about $80 yearly administration fee plus investment fees.
5. Cbus
Cbus is a major industry super fund serving the construction, building, and allied industries. It manages more than $60 billion for over 800,000 members as of 2026. The fund has delivered average Growth option returns of around 8.0% per annum over the last 10 years. Fees are reasonable, with total costs near 0.9% annually. Cbus focuses heavily on property and infrastructure investments, leveraging its industry connections.
Insurance cover is provided by default, including life, TPD, and income protection. Members can adjust insurance levels to suit their personal circumstances. The fund offers a solid digital platform, and personalised financial advice is available, sometimes at extra cost. Cbus also promotes member education and has a strong commitment to sustainable investing.
Pros: Strong returns backed by property and infrastructure exposure, reasonable fees, solid insurance offerings, good member education.
Cons: Fees slightly higher than lowest-cost industry funds, default insurance may not suit all members, some investment options less flexible.
Best for: Construction and building industry workers looking for solid returns and reasonable fees.
Pricing: Around 0.9% total fees on Growth option, including an administration fee of approximately $80 annually.
6. UniSuper
UniSuper serves the higher education and research sector, managing over $90 billion for more than 600,000 members as of 2026. It has a reputation for consistent, reliable growth with its Growth option averaging around 8.1% per annum over 10 years. Fees are competitive, generally near 0.85% annually. UniSuper offers diversified investment options, including Growth, Balanced, and conservative choices.
Insurance cover is provided automatically but can be customised. The fund is known for its strong member services and financial advice offerings, as well as a highly rated online platform. UniSuper also places emphasis on sustainability and responsible investment strategies.
Sure, pros: Consistent returns with competitive fees, good range of investments, strong customer service, tailored for university staff.
Cons: Fees higher than the lowest-cost funds, insurance premiums may be more expensive than industry averages, limited very high-risk options.
Best for: University and research sector employees wanting reliable growth and good service.
Pricing: Approximately 0.85% total fees on Growth option, with around $80 annual administration fee plus investment fees.
7. Sunsuper/Australian Retirement Trust
Australian Retirement Trust formed in 2022 following the merger of Sunsuper and QSuper, creating one of Australia’s largest super funds with over $230 billion in assets and more than 2.2 million members. The fund offers a variety of investment options, with the Growth option delivering around 8.2% per annum over the past decade. Fees are competitive for a fund of this size, around 0.85% total per annum.
The fund provides default insurance cover and options to tailor protection. Its size enables access to diverse investment opportunities including infrastructure, property, and private equity. Australian Retirement Trust also offers strong digital tools and financial advice options for members.
Pros: Large scale provides investment diversification, competitive fees, strong long-term returns, broad insurance options.
Cons: Scale can mean slower response times for member queries, default insurance may not suit all, some investment options have higher fees.
Best for: Members seeking a large, diversified industry fund with solid returns and broad investment choices.
Pricing: Around 0.85% total fees on Growth option, with an administration fee near $80 per year.
8. MLC
MLC is a retail super fund managed by National Australia Bank, popular with those seeking extensive investment options and financial advice. It manages over $60 billion for hundreds of thousands of members. Fees are higher than industry funds, with total costs around 1.2% per annum on the Growth option. MLC offers many investment choices, including sector-specific and ethical funds.
Insurance options are comprehensive and flexible, with options for customised cover. MLC also provides personalised financial advice, though often at additional cost. Its digital platform is well regarded, but fees remain a consideration for cost-conscious members.
Pros: Broad investment options, strong insurance flexibility, personalised advice available, robust digital tools.
Cons: Higher fees than most industry funds, returns may not always justify costs, insurance premiums can be expensive.
Best for: Members wanting personalised investment and advice options, willing to pay higher fees.
Pricing: Around 1.2% total fees on Growth option, including administration and investment fees.
9. AMP Super
AMP is one of Australia’s oldest retail super providers, managing over $50 billion in funds. It offers a variety of investment options but has been criticised for relatively high fees, with total costs around 1.3% per annum on the Growth option. AMP provides default life, TPD, and income protection insurance, with a focus on flexible insurance products.
Members can access financial advice and a range of investment choices but should be aware of the higher cost structure. The fund’s digital platform is functional but considered less modern than some competitors.
Pros: Wide insurance options, access to financial advice, broad investment portfolio.
Cons: Higher fees than most industry and retail peers, average investment returns, insurance premiums can be costly, digital tools less advanced.
Best for: Members prioritising insurance options and personalised advice, willing to pay more.
Pricing: Around 1.3% total fees on Growth option.
10. BT Super (Westpac)
BT Super, part of Westpac’s wealth management division, is a retail super fund offering a diverse range of investment options and insurance products. The fund manages around $40 billion and serves hundreds of thousands of members. Fees are relatively high, with total costs near 1.25% per annum on Growth options.
BT Super provides comprehensive insurance cover and access to financial advice, but members should consider fees carefully. The fund’s investment performance over the past decade has been moderate, with 7.5% average returns on the Growth option.
Pros: Wide investment and insurance choices, financial advice available, strong brand backing.
Cons: Higher fees, moderate investment returns, insurance premiums can be expensive, complex fee structure.
Best for: Members wanting a retail fund with diverse options and Westpac backing, accepting higher fees.
Pricing: Around 1.25% total fees on Growth option.
How We Chose These Funds
Right now, we looked at the most recent data from APRA and fund annual reports as of early 2026, focusing on funds with large membership bases and funds under management. Performance was measured by 10-year average returns, as this period smooths out market volatility and reflects long-term management skill. Fees were considered as total ongoing costs, including administration and investment fees, expressed as a percentage of assets. Insurance offerings were reviewed for coverage types and flexibility. We also factored in member services such as digital platforms and financial advice availability. Finally, we included a mix of industry and retail funds to show the differences Australians face in 2026.
Final Verdict
Industry super funds continue to dominate the Australian superannuation landscape in 2026, offering better average returns and lower fees than retail funds. AustralianSuper and Hostplus lead the pack with consistent performance, low costs, and strong member services. Retail funds like REST and MLC provide wider investment options and personalised advice but at higher fees, which can erode returns over time. For most Australians, especially those in industry sectors, choosing an industry fund remains the smarter financial choice for retirement savings.
Industry funds dominate the 2026 super landscape by delivering better returns and lower fees than retail options. AustralianSuper and Hostplus stand out for their consistent performance and cost-effectiveness, making them top picks for most Australians. While retail funds offer more investment choices and advice, the higher fees often reduce long-term savings. Australians should carefully compare fees, returns, insurance, and services to pick the fund that best suits their needs and work sector.
This article was created with AI assistance.
