In this guide
Super fund fees are unavoidable, but how much you pay varies enormously. Fees differ by fund, investment option and the size of your balance. Even small differences can lead to greatly reduced retirement outcomes due to compounding.
Since the Banking Royal Commission and the Productivity Commission (PC) review of super, fees charged by super funds have been under scrutiny. The PC concluded that fees are “the biggest drain on net returns”, which is true even when percentage differences look small.
The PC estimated that an increase of just 0.5% a year in fees would reduce the retirement balance of a typical worker by a projected 12% – or around $100,000. That’s why it’s worth understanding where your fund ranks on fees.
Fees aren’t easy to compare
The PC also found that close to 60% of members don’t understand the fees and charges they’re paying, and unfortunately comparing super fund fees isn’t straightforward.
The fees charged by your fund are either a fixed dollar amount or based on a percentage of your balance, earnings or both, and are deducted from your super balance. Fees vary based on your account balance and the investment option you choose (such as Growth, Balanced or Conservative).
Your super fund must report all fees and costs in the product disclosure statement (PDS) for your chosen option and in your annual statement. You might also find a schedule of fees on your fund’s website. If in doubt, call your fund and ask them to explain how much you’re being charged.
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Create your free accountHow fees compare: Median benchmarks
The table below shows median total fees by risk category, including MySuper (default) options and median balances as at June 2026. There is no single ‘average’ super fund fee for the reasons mentioned earlier – fees vary substantially by category, fund and balance size.
We show fee data at two balance points: $50,000 and $500,000.
- A $50,000 balance is representative of a working-age member still building their super. At this level, a 1% fee costs $500 a year – money that would otherwise be compounding.
- A $500,000 balance is representative of a member approaching or in retirement. At this level, even a 0.1% fee difference costs $500 a year.
Fee percentages often look lower at higher balances because fixed-dollar administration charges become proportionally smaller as the balance grows. But the funds with the lowest fees at $50,000 are not always the same as those at $500,000, so both matter.
| Risk category | Growth assets (%) | Median: $50,000 balance | Median: $500,000 balance |
|---|---|---|---|
| MySuper (all risk categories) | ~73% | 0.88% | 0.74% |
| All Growth | 96–100% | 0.93% | 0.82% |
| High Growth | 81–95% | 0.94% | 0.83% |
| Growth | 61–80% | 0.93% | 0.81% |
| Balanced | 41–60% | 0.82% | 0.72% |
| Conservative | 21–40% | 0.77% | 0.66% |
Source: Chant West, June 2026. Actively managed options only. MySuper includes all options.
20 cheapest funds
The 20 cheapest super options across all investment categories are index or low-cost passive options. Index funds – also known as passive funds – aim to track and replicate the performance of a market index such as the ASX 200 or a global equities benchmark. They do this by investing in all the underlying assets in that index rather than selecting individual securities, which significantly reduces management costs.
Since the cheapest options are all index or low-cost passive options, we have removed indexed options from the per-category tables later in this article. Those tables show the cheapest actively managed funds in each risk category.
20 cheapest funds: $50,000 balance
| Fund | Investment option | Total fee ($ per year) | Total fee (% per year) |
|---|---|---|---|
| AustralianSuper | Indexed Diversified | $132 | 0.26% |
| Hostplus | Indexed Defensive | $139 | 0.28% |
| Hostplus | Indexed High Growth | $144 | 0.29% |
| CFS FirstChoice | Employer – Index Growth | $145 | 0.29% |
| Hostplus | Indexed Growth | $149 | 0.30% |
| Hostplus | Indexed Balanced | $149 | 0.30% |
| Hostplus | Indexed Conservative | $149 | 0.30% |
| Hostplus | Indexed Stable | $149 | 0.30% |
| Essential Super | Balanced Index | $155 | 0.31% |
| Essential Super | Diversified Index | $155 | 0.31% |
| CFS FirstChoice | Employer – Index Conservative | $155 | 0.31% |
| Brighter Super | Indexed Balanced | $156 | 0.31% |
| CFS FirstChoice | Employer – Index Balanced | $160 | 0.32% |
| CFS FirstChoice | Employer – Index Diversified | $160 | 0.32% |
| CFS FirstChoice | Employer – Index High Growth | $160 | 0.32% |
| CFS FirstChoice | Employer – Index Moderate | $160 | 0.32% |
| Essential Super | High Growth Index | $160 | 0.32% |
| Aware Super | Balanced Indexed | $162 | 0.32% |
| Aware Super | High Growth Indexed | $162 | 0.32% |
| Australian Retirement Trust | QSuper – Balanced Indexed | $162 | 0.32% |
Source: Chant West, June 2026.
The fee difference between indexed and actively-managed options is particularly striking at higher balances. Indexed options typically have a fixed or near-fixed administration fee, plus a very low investment fee. At $500,000, that fixed administration fee becomes a tiny fraction of the balance, which is why the percentage fees below look dramatically lower.
20 cheapest funds: $500,000 balance
| Fund | Investment option | Total fee ($ per year) | Total fee (% per year) |
|---|---|---|---|
| Hostplus | Indexed Defensive | $230 | 0.05% |
| Hostplus | Indexed High Growth | $280 | 0.06% |
| Hostplus | Indexed Growth | $329 | 0.07% |
| Hostplus | Indexed Balanced | $329 | 0.07% |
| Hostplus | Indexed Conservative | $329 | 0.07% |
| Hostplus | Indexed Stable | $329 | 0.07% |
| AustralianSuper | Indexed Diversified | $702 | 0.14% |
| CFS FirstChoice | Employer – Index Growth | $910 | 0.18% |
| Essential Super | Balanced Index | $1,010 | 0.20% |
| Essential Super | Diversified Index | $1,010 | 0.20% |
| CFS FirstChoice | Employer – Index Conservative | $1,010 | 0.20% |
| Rest | Growth Indexed | $1,028 | 0.21% |
| CFS FirstChoice | Employer – Index Balanced | $1,060 | 0.21% |
| CFS FirstChoice | Employer – Index Diversified | $1,060 | 0.21% |
| CFS FirstChoice | Employer – Index High Growth | $1,060 | 0.21% |
| CFS FirstChoice | Employer – Index Moderate | $1,060 | 0.21% |
| Essential Super | High Growth Index | $1,060 | 0.21% |
| Vision Super | Saver – Balanced Low Cost | $1,106 | 0.22% |
| Aware Super | High Growth Indexed | $1,152 | 0.23% |
| Aware Super | Balanced Indexed | $1,152 | 0.23% |
Source: Chant West, June 2026.
At a $500,000 balance, Hostplus Indexed Growth costs just $329 per year (0.07%). By comparison, the median actively managed growth fund at the same balance costs 0.81% – or $4,047 a year. That’s a difference of more than $3,700 a year, before investment returns are considered.
Cheapest MySuper funds
The tables below show the ten cheapest MySuper options at $50,000 and $500,000 balances as at June 2026.
How this category compares:
| Benchmark | $50,000 balance | $500,000 balance |
|---|---|---|
| Lowest quartile | 0.76% | 0.68% |
| Median | 0.88% | 0.74% |
| Upper quartile | 0.95% | 0.86% |
Source: Chant West, June 2026.
10 cheapest MySuper funds: $50,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| Vanguard Super | SaveSmart – Lifecycle Age 56† | 0.56% |
| ANZ Staff Super | Balanced Growth | 0.60% |
| Australian Retirement Trust | QSuper – Lifetime Focus Group 2† | 0.61% |
| Vision Super | Saver – Balanced Growth | 0.62% |
| UniSuper | Balanced | 0.64% |
| Bendigo Super | SmartStart – Growth Index | 0.68% |
| Superhero Super | MySuper Growth | 0.73% |
| AustralianSuper | Balanced | 0.73% |
| Virgin Money Super | LifeStage 1964-1968† | 0.74% |
| Team Super | Balanced | 0.75% |
Source: Chant West, June 2026. † Lifecycle fund.
10 cheapest MySuper funds: $500,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| Vanguard Super | SaveSmart – Lifecycle Age 56† | 0.45% |
| UniSuper | Balanced | 0.47% |
| Vision Super | Saver – Balanced Growth | 0.47% |
| Bendigo Super | SmartStart – Growth Index | 0.50% |
| Australian Retirement Trust | QSuper – Lifetime Focus Group 2† | 0.51% |
| ANZ Staff Super | Balanced Growth | 0.60% |
| AustralianSuper | Balanced | 0.61% |
| Virgin Money Super | LifeStage 1964-1968† | 0.63% |
| Essential Super | 1965-69 Lifestage† | 0.67% |
| smartMonday | PRIME – Lifecycle Age 55† | 0.68% |
Source: Chant West, June 2026. † Lifecycle fund.
Cheapest actively managed funds by category
The following tables show the ten cheapest actively-managed funds in each risk category. Index funds are excluded – they are listed separately above.
When SuperGuide publishes fee information, we group funds into five investment categories so that options are compared with others of a similar risk profile:
- All Growth (96–100% growth assets)
- High Growth (81–95% growth assets)
- Growth (61–80% growth assets)
- Balanced (41–60% growth assets)
- Conservative (21–40% growth assets).
As a general rule, the higher the proportion of growth assets, the higher the fees. This is because defensive assets such as cash typically carry lower management costs than equities or alternative investments.
All Growth (96–100% growth assets)
How this category compares (actively-managed options):
| Benchmark | $50,000 balance | $500,000 balance |
|---|---|---|
| Lowest quartile | 0.69% | 0.52% |
| Median | 0.93% | 0.82% |
| Upper quartile | 1.14% | 1.00% |
Source: Chant West, June 2026.
5 cheapest funds: $50,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| Vision Super | Saver – Just Shares | 0.53% |
| ESSSuper | Shares Only | 0.67% |
| UniSuper | High Growth | 0.69% |
| REI Super | Growth Plus | 0.84% |
| Perpetual | WealthFocus – Perpetual Global Allocation Alpha | 0.90% |
Source: Chant West, June 2026.
5 cheapest funds: $500,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| Vision Super | Saver – Just Shares | 0.38% |
| UniSuper | High Growth | 0.52% |
| ESSSuper | Shares Only | 0.52% |
| REI Super | Growth Plus | 0.73% |
| Hostplus | High Growth | 0.77% |
Source: Chant West, June 2026.
High Growth (81–95% growth assets)
How this category compares (actively managed options):
| Benchmark | $50,000 balance | $500,000 balance |
|---|---|---|
| Lowest quartile | 0.78% | 0.65% |
| Median | 0.94% | 0.83% |
| Upper quartile | 1.09% | 1.01% |
Source: Chant West, June 2026.
10 cheapest funds: $50,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| ANZ Staff Super | Aggressive Growth | 0.52% |
| Australian Food Super | Growth | 0.62% |
| GESB | West State Super – Growth | 0.64% |
| Vision Super | Saver – Growth | 0.65% |
| Team Super | High Growth | 0.70% |
| UniSuper | Growth | 0.70% |
| AustralianSuper | High Growth | 0.71% |
| ESSSuper | Growth | 0.74% |
| GESB | Growth | 0.77% |
| PSSap | Aggressive | 0.78% |
Source: Chant West, June 2026.
10 cheapest funds: $500,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| Australian Food Super | Growth | 0.46% |
| Vision Super | Saver – Growth | 0.50% |
| ANZ Staff Super | Aggressive Growth | 0.52% |
| GESB | West State Super – Growth | 0.52% |
| UniSuper | Growth | 0.53% |
| ESSSuper | Growth | 0.59% |
| AustralianSuper | High Growth | 0.59% |
| Team Super | High Growth | 0.63% |
| NESS Super | High Growth | 0.64% |
| GESB | Growth | 0.65% |
Source: Chant West, June 2026.
Growth (61–80% growth assets)
How this category compares (actively managed options):
| Benchmark | $50,000 balance | $500,000 balance |
|---|---|---|
| Lowest quartile | 0.81% | 0.70% |
| Median | 0.93% | 0.81% |
| Upper quartile | 1.10% | 0.98% |
Source: Chant West, June 2026.
10 cheapest funds: $50,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| ESSSuper | Balanced Growth | 0.55% |
| ANZ Staff Super | Balanced Growth | 0.60% |
| Vision Super | Saver – Balanced Growth | 0.62% |
| UniSuper | Balanced | 0.64% |
| AustralianSuper | Balanced | 0.73% |
| Team Super | Balanced | 0.75% |
| GESB | My GESB Super | 0.77% |
| Australian Retirement Trust | QSuper – Balanced | 0.77% |
| CFS FirstChoice | Employer – CFS Balanced | 0.81% |
| HESTA | Balanced Growth | 0.81% |
Source: Chant West, June 2026.
10 cheapest funds: $500,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| ESSSuper | Balanced Growth | 0.40% |
| UniSuper | Balanced | 0.47% |
| Vision Super | Saver – Balanced Growth | 0.47% |
| ANZ Staff Super | Balanced Growth | 0.60% |
| AustralianSuper | Balanced | 0.61% |
| GESB | My GESB Super | 0.65% |
| Australian Retirement Trust | QSuper – Balanced | 0.67% |
| Team Super | Balanced | 0.68% |
| Prime Super | MySuper | 0.68% |
| Active Super | Balanced | 0.68% |
Source: Chant West, June 2026.
Balanced (41–60% growth assets)
How this category compares (actively managed options):
| Benchmark | $50,000 balance | $500,000 balance |
|---|---|---|
| Lowest quartile | 0.75% | 0.63% |
| Median | 0.82% | 0.72% |
| Upper quartile | 0.96% | 0.87% |
Source: Chant West, June 2026.
10 cheapest funds: $50,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| GESB | West State Super – My West State Super | 0.57% |
| Vision Super | Saver – Balanced | 0.58% |
| UniSuper | Conservative Balanced | 0.65% |
| Team Super | Moderate | 0.70% |
| GESB | Balanced | 0.70% |
| AustralianSuper | Conservative Balanced | 0.70% |
| ESSSuper | Balanced | 0.72% |
| First Super | Conservative Balanced | 0.75% |
| Australian Retirement Trust | QSuper – Conservative Balanced | 0.75% |
| CFS FirstChoice | Employer – CFS Moderate | 0.77% |
Source: Chant West, June 2026.
10 cheapest funds: $500,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| Vision Super | Saver – Balanced | 0.43% |
| GESB | West State Super – My West State Super | 0.45% |
| UniSuper | Conservative Balanced | 0.48% |
| ESSSuper | Balanced | 0.57% |
| AustralianSuper | Conservative Balanced | 0.58% |
| GESB | Balanced | 0.58% |
| First Super | Conservative Balanced | 0.60% |
| Team Super | Moderate | 0.63% |
| Active Super | Conservative Balanced | 0.64% |
| Australian Retirement Trust | QSuper – Conservative Balanced | 0.65% |
Source: Chant West, June 2026.
Conservative (21–40% growth assets)
How this category compares (actively managed options):
| Benchmark | $50,000 balance | $500,000 balance |
|---|---|---|
| Lowest quartile | 0.68% | 0.56% |
| Median | 0.77% | 0.66% |
| Upper quartile | 0.95% | 0.83% |
Source: Chant West, June 2026.
10 cheapest super funds: $50,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| ANZ Staff Super | Cautious | 0.47% |
| GESB | West State Super – Conservative | 0.51% |
| Vision Super | Saver – Conservative | 0.53% |
| Aware Super | Defensive | 0.53% |
| GESB | Conservative | 0.63% |
| ESSSuper | Capital Stable | 0.63% |
| Team Super | Defensive | 0.64% |
| AustralianSuper | Stable | 0.65% |
| HESTA | Conservative | 0.65% |
| UniSuper | Conservative | 0.67% |
Source: Chant West, June 2026.
10 cheapest super funds: $500,000 balance
| Fund | Investment option | Fee (% of balance) |
|---|---|---|
| Vision Super | Saver – Conservative | 0.38% |
| GESB | West State Super – Conservative | 0.39% |
| Aware Super | Defensive | 0.44% |
| ANZ Staff Super | Cautious | 0.47% |
| ESSSuper | Capital Stable | 0.48% |
| UniSuper | Conservative | 0.50% |
| GESB | Conservative | 0.51% |
| AustralianSuper | Stable | 0.53% |
| Active Super | Conservative | 0.53% |
| HESTA | Conservative | 0.56% |
Source: Chant West, June 2026.
Fees are not the whole story
While low fees grab the headlines, it’s important to remember that net investment returns after fees are what matter most in the long run.
A fund with slightly higher fees may still deliver stronger net returns if its investment performance is good enough to compensate. See our Best performing super funds section to compare super fund performance.
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