Super Fund Comparison Australia 2026: Fees of 9 Funds

Quick answer: On a $50,000 balance, the default (MySuper) option at these nine large funds costs between about $280 and $570 a year. Every one of them passed APRA's 2026 performance test. The bigger saving is usually in the fund's indexed option, which costs roughly $150–$240 a year at most of these funds. That said, indexed options invest differently from the default, so a lower fee isn't automatically a better result. The cheapest default option here is Vanguard Super's Lifecycle at $280; the cheapest indexed option is Hostplus Indexed Balanced at $149.

The nine funds compared on a $50,000 balance

Every super fund must publish a "cost of product" figure: the total annual fees and costs for someone with $50,000 in that option, worked out the same way at every fund. That makes it the fairest single number for comparing funds. All figures below are from each fund's own disclosure documents.

Fund	Default (MySuper) option	Cost on $50,000	Indexed option	Cost on $50,000
Vanguard Super	Lifecycle (age 47 and under)	$280	All options are index-based	—
UniSuper	Balanced	$321	No indexed diversified option	—
AustralianSuper	Balanced	$387	Indexed Diversified	$137†
Aware Super	Lifecycle (age 55 and under)	$402	Balanced Indexed	$172
HESTA	Balanced Growth	$402	Indexed Balanced Growth	$187*
Rest	Growth	$403	Growth – Indexed	$158
Australian Retirement Trust	Lifecycle (High Growth pool)	$407	Balanced Index	$177*
Cbus	Growth	$462	Indexed Diversified	$242
Hostplus	Balanced	$569	Indexed Balanced	$149

Calculated from the fund's published administration, investment and transaction cost percentages for that option, using the same method the fund uses for its stated MySuper figure. Document dates: Hostplus and Cbus 1 July 2026; Rest 31 August 2026; UniSuper 28 September 2026; Aware and HESTA 30 September 2026; ART start of 2026–27; Vanguard Super annual report for the year to 30 June 2026; AustralianSuper PDS (current edition; Balanced fees unchanged from 2025–26).

†AustralianSuper Indexed Diversified figure from its 1 August 2025 fees and costs document (0.06% investment fees, 0.01% transaction costs); the current edition could not be retrieved, but the Balanced figure is identical in both.

Vanguard Super$280

UniSuper$321

AustralianSuper$387

Aware Super$402

HESTA$402

Rest$403

ART$407

Cbus$462

Hostplus$569

Changes already announced

• Rest: its fees document says investment and transaction costs are forecast to rise in 2026–27, taking the Growth option to $438 on $50,000.
• AustralianSuper: in its July 2026 announcement, AustralianSuper said the asset-based administration fee rises from 0.10% to 0.12% a year (with the cap rising from $350 to $600) from 31 October 2026. That adds about $10 a year on $50,000, taking Balanced to about $397.

How to read these numbers

Flat fees matter more on small balances. Most funds charge a weekly dollar fee plus a percentage. Hostplus charges $1.50 a week ($78 a year); ART charges $1.10 a week plus 0.10% a year. Vanguard Super is different: it charges a single percentage, which is why it looks cheapest at $50,000. As balances grow, a percentage fee grows with them, while a flat weekly fee doesn't, so the ranking can change at larger balances. Run the comparison at your own balance, not just at $50,000.

Investment costs make up most of the difference. In Hostplus's Balanced option, investment fees and transaction costs are $440 of the $569. Default options at most industry funds hold unlisted assets such as infrastructure, property and private equity, which cost more to manage and can include performance fees. Indexed options hold mostly listed shares and bonds, which is why they're so much cheaper.

What's not included: insurance premiums (most funds include default death, TPD and sometimes income protection cover, priced separately), and the tax benefit some funds pass back on administration fees.

Indexed options: cheaper, but not the same investment

At Hostplus, moving $50,000 from Balanced to Indexed Balanced cuts the annual cost from $569 to $149. Over decades, a fee gap like that compounds into a large amount, but it isn't a like-for-like swap:

• Different assets. The indexed options hold listed markets only. Default options also hold unlisted infrastructure, property and private equity, which are valued less often than listed markets and can behave differently in a downturn.
• Different risk. Check the growth/defensive split. Hostplus's Indexed Balanced targets 30% Australian shares and 41% developed-market international shares from 1 July 2026, so it is not a low-risk option despite the "Balanced" name.
• Returns are reported after fees. A higher-fee option can still come out ahead if its investments earn more. The fee is the only part that's certain in advance.

Use the Superannuation Calculator to see how a difference of a few hundred dollars a year in fees changes your balance at retirement.

Performance: what the regulator's test shows

Every year APRA tests each MySuper product's net returns over eight years against a benchmark portfolio. In the 2026 test, released on 28 August 2026, 1 of the 50 MySuper products failed. It was BUSSQ's, not any of the nine funds above. Passing means a fund hasn't badly underperformed; it doesn't rank the funds that passed.

To compare returns, use the ATO's free YourSuper comparison tool. It ranks every MySuper product by net return over 3, 5 and 10 years using APRA data. If you log in through myGov, it shows your own accounts alongside the others. We don't reproduce return tables here because they change every quarter.

What is an industry super fund?

According to Moneysmart, industry funds were originally for workers in particular industries but most are now open to anyone, and their profits go back to members. Retail funds are usually run by financial institutions, and some of their profits go to the company and its shareholders. Public sector funds are for government employees.

Most of the funds in this comparison are profit-to-member funds that grew out of industry or public-sector schemes. Vanguard Super is run by the investment company Vanguard. All of them are regulated by APRA and must pass the same annual performance test.

Before you switch funds

1. Check your insurance first. Leaving a fund usually ends its default insurance cover. If you have health conditions, getting new cover can be harder or more expensive, so line up replacement cover before you close the old account.
2. Tell your employer. Give them the new fund's details using a standard choice form so future contributions go to the right place.
3. Consolidate old accounts. Through ATO online services in myGov you can find lost super and roll accounts together, so you aren't paying two sets of flat fees.
4. Check the investment option, not just the fund. Moving to a cheaper fund but into a higher-cost option can wipe out the saving.

For investing outside super, see our low-cost index funds guide. If you're weighing a self-managed fund instead, read SMSF vs industry super.

Frequently asked questions

Related calculators and guides

• Superannuation Calculator
• How much super should I have at my age?
• SMSF vs industry super fund
• Salary sacrifice into super
• Super contribution caps 2026–27

This article is for general information only and does not constitute financial, tax or legal advice. Individual circumstances vary. Consult a registered tax agent or licensed financial adviser before making decisions based on this information.