In this guide
For the third year running, super funds surpassed expectations in the 2025 calendar year. Against a backdrop of Trump’s on-again, off-again tariffs and rising geopolitical tensions, the median Growth fund (61-80% growth assets) returned 9.3%.
This followed the strong 11.4% return in 2024 and 9.9% in 2023, meaning super funds have returned more than 30% over the past three years.
Once again, international shares were the main driver of the stellar 2025Â result.
Chant West head of superannuation investment research, Mano Mohankumar says the good 2025 result has been driven primarily by international share markets which delivered 18.6% on a currency-hedged basis, despite uncertainty around tariffs and geopolitical tensions.
International shares in unhedged terms were lower, at 12.5%, due to the strengthening Aussie dollar (up from US62c to US67c). Australian shares returned a respectable 10.7%. Mohankumar says Growth funds have 31% of their total investments in international shares on average, and a further 25% in Australian shares.
Remarkably, given the difficult investment environment, all major asset classes produced positive returns in 2025. Traditional defensive assets cash, Australian bonds and international bonds returned 4%, 3.2% and 4.4% respectively. Australian and international listed property were up 9.7% and 7.5% respectively while international listed infrastructure returned 11.6%.
Unlisted assets also performed well. While final returns are still being calculated, Chant West estimates that unlisted infrastructure gained 7-10% over the year and private equity finished with a low double-digit return. Even unlisted property was back in positive territory with an estimated return of 3-6%, after two years in the red,
This ensured members in all investment options achieved solid returns, although those in options with higher allocations to shares did best in 2025.
Super fund performance: Calendar years (1993 to 2025)
The table and chart below show the annual calendar year performance of the median Growth fund over the 33 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 33 calendar years shown. As it happens, they have had only five negative years in the past 33.
| Calendar year | Return (%) |
|---|---|
| 2025 | 9.3% |
| 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 latest calendar year.
As you can see, all five traditional risk categories posted positive returns in 2025Â 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 33 years, 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 (Calendar year results to 31 December 2025)
| 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%) | 11.6 | 13.4 | 9.9 | 10.3 | 9.0 | 9.2 |
| High Growth (81–95%) | 10.4 | 12.1 | 9.1 | 9.9 | 9.1 | 9.2 |
| Growth (61–80%) | 9.3 | 10.3 | 7.7 | 8.1 | 7.7 | 7.8 |
| Balanced (41–60%) | 7.8 | 8.3 | 6.1 | 6.5 | 6.2 | 6.6 |
| Conservative (21–40%) | 6.2 | 6.5 | 4.3 | 4.6 | 4.6 | 5.3 |
Source: Chant West. Performance is shown net of investment fees and tax, and before administration and adviser commissions.
Super fund performance: Financial years (1992–93 to 2024–25)
For your reference, the table and chart below show the annual financial year performance of the median Growth fund over the 33Â 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 2025)
| 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.
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