In this guide
For the third year running, super funds surpassed expectations in the financial year to June 2025. Against a backdrop of Trump’s on-again, off-again tariffs and rising geopolitical tensions, with high market volatility, the median Growth fund returned 10.5%.
This followed the strong 9.1% return in the 2024 financial year and 9.2% in the 2023 financial year, meaning super funds have returned around 30% over the past three years.
Chant West senior research manager, Mano Mohankumar says shares were the main driver of the stellar 2025 result.
International shares returned 13.7% on a currency hedged basis, and 18.6% unhedged due to the weaker Aussie dollar. Australian shares were also up a pleasing 13.7%.
While final figures are still coming in for unlisted assets, Mohankumar estimates unlisted infrastructure returns in the low double digits. He says private equity was up between 8% and 11% while unlisted property, which was in the red the two previous years, produced returns in the 2% to 5% range.
Listed real asset also performed well, with international listed infrastructure up 16.3%, and Australian and international listed property up 13.7% and 8.4% respectively. Australian and international bonds had their best year since 2018-19, with returns of 6.8% and 5.4% respectively, while cash returned 4.4%.
This ensured members in more conservative investment options also achieved solid returns, although those in options with higher allocations to shares did best in 2024-25.
Super fund performance: Financial years (1992–93 to 2024–25)
The table and chart below show the annual financial year performance of the median Growth fund over the 33 financial years since the introduction of compulsory super.
In the year to June 2025, the median Growth returned 10.5%, the 14th positive return in 15 years and well ahead of the typical long-term objective of around 6% per year. Growth funds typically aim to post no more than one negative return every five years, which translates to six negative years over the past 33. As it happens, they have had only five.
| Financial year | Return (%) |
|---|---|
| 2024-25 | 10.5% |
| 2023–24 | 9.1% |
| 2022–23 | 9.2% |
| 2021–22 | -3.3% |
| 2020–21 | 18.0% |
| 2019–20 | -0.6% |
| 2018–19 | 7.0% |
| 2017–18 | 9.4% |
| 2016–17 | 10.8% |
| 2015–16 | 3.0% |
| 2014–15 | 9.8% |
| 2013–14 | 12.8% |
| 2012–13 | 15.6% |
| 2011–12 | 0.5% |
| 2010–11 | 9.2% |
| 2009–10 | 10.4% |
| 2008–09 | -12.9% |
| 2007–08 | -6.9% |
| 2006–07 | 15.6% |
| 2005–06 | 14.7% |
| 2004–05 | 13.1% |
| 2003–04 | 13.5% |
| 2002–03 | 0.3% |
| 2001–02 | -3.3% |
| 2000–01 | 6.0% |
| 1999–2000 | 12.7% |
| 1998–99 | 8.6% |
| 1997–98 | 10.0% |
| 1996–97 | 19.4% |
| 1995–96 | 10.7% |
| 1994–95 | 7.4% |
| 1993–94 | 7.1% |
| 1992–93 | 11.4% |
Source: Chant West. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
The following table shows the super performance across various timeframes for five investment categories as at the end of the latest financial year.
As you can see, all five traditional risk categories posted positive returns in 2024-25 and were overwhelmingly positive over three, five, seven, 10 and 15 years.
All risk categories have also met their long-term return objectives, which typically range from CPI (a measure of inflation) +1.75% per year for Conservative funds, to CPI +4.25% for All Growth funds. Over the past 33 years since the introduction of compulsory super, the median Growth fund has returned 8% per year on average and the annual CPI increase is 2.7%, giving a real return of 5.3% – well above the typical return objective for Growth funds of CPI +3.5%.
Super fund performance (Financial year results to 30 June 2024)
| Fund category (% growth assets) | 1 yr (%) | 3 yrs (% per yr) | 5 yrs (% per yr) | 7 yrs (% per yr) | 10 yrs (% per yr) | 15 yrs (% per yr) |
|---|---|---|---|---|---|---|
| All Growth (96–100%) | 13.5 | 12.6 | 11.2 | 9.1 | 9.0 | 9.9 |
| High Growth (81–95%) | 11.7 | 11.4 | 10.3 | 8.4 | 8.4 | 9.2 |
| Growth (61–80%) | 10.5 | 9.6 | 8.4 | 7.0 | 7.2 | 8.0 |
| Balanced (41–60%) | 8.8 | 7.7 | 6.6 | 5.7 | 5.9 | 6.7 |
| Conservative (21–40%) | 7.3 | 5.9 | 4.6 | 4.2 | 4.5 | 5.3 |
Source: Chant West. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Super fund performance: Calendar years (1993 to 2024)
For your reference, the table and chart below show the annual calendar year performance of the median Growth fund over the 32 years since the introduction of compulsory super.
Growth funds typically aim to post no more than one negative return every five years, or no more than six in the 32 calendar years shown. As it happens, they have had only five negative years in the past 32.
| Calendar year | Return (%) |
|---|---|
| 2024 | 11.4% |
| 2023 | 9.9% |
| 2022 | -4.6% |
| 2021 | 13.4% |
| 2020 | 3.7% |
| 2019 | 14.7% |
| 2018 | 0.8% |
| 2017 | 10.8% |
| 2016 | 7.5% |
| 2015 | 5.7% |
| 2014 | 8.5% |
| 2013 | 17.2% |
| 2012 | 12.8% |
| 2011 | -1.9% |
| 2010 | 4.7% |
| 2009 | 15.1% |
| 2008 | -21.5% |
| 2007 | 8% |
| 2006 | 13.8% |
| 2005 | 14.3% |
| 2004 | 15.5% |
| 2003 | 9.2% |
| 2002 | -4.8% |
| 2001 | 4% |
| 2000 | 7.3% |
| 1999 | 10.2% |
| 1998 | 11% |
| 1997 | 14.9% |
| 1996 | 10.8% |
| 1995 | 16.1% |
| 1994 | -3.9% |
| 1993 | 23.9% |
Source: Chant West. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
The following table shows the super performance across various timeframes for five investment categories as at the end of the last calendar year.
As you can see, all five traditional risk categories posted positive returns in 2024 and were overwhelmingly positive over periods of three to 15 years.
All risk categories have also met their long-term return objectives, which typically range from CPI (a measure of inflation) +1.75% per year for Conservative funds, to CPI +4.25% for All Growth funds. Over the past 32 years, the median Growth fund has returned 8% per year on average and the annual CPI increase is 2.6%, giving a real return of 5.4% – well above the typical return objective for Growth funds of CPI +3.5%.
Super fund performance (Calendar year results to 31 December 2024)
| Fund category (% growth assets) | 1 yr (%) | 3 yrs (% per yr) | 5 yrs (% per yr) | 7 yrs (% per yr) | 10 yrs (% per yr) | 15 yrs (% per yr) |
|---|---|---|---|---|---|---|
| All Growth (96–100%) | 16.5 | 6.8 | 8.7 | 8.9 | 9.0 | 8.9 |
| High Growth (81–95%) | 13.8 | 6.2 | 8.0 | 8.2 | 8.5 | 8.5 |
| Growth (61–80%) | 11.4 | 5.2 | 6.6 | 6.9 | 7.2 | 7.6 |
| Balanced (41–60%) | 8.7 | 4.2 | 5.1 | 5.6 | 5.7 | 6.4 |
| Conservative (21–40%) | 6.3 | 3.2 | 3.6 | 4.0 | 4.3 | 5.1 |
Source: Chant West. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
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