In this guide
Super funds surpassed expectations again in the year to June 2026, marking a fourth consecutive year of strong returns. Despite tensions in the Middle East and lingering inflation concerns, the median Growth fund (61–80% growth assets) returned 9.5%.
This followed gains of 9.2% in 2022–23, 9.1% in 2023–24 and 10.4% in 2024–25, meaning super funds have returned 44% over the past four financial years.
Once again, international shares were the main driver of the strong 2025-26 result.
Chant West’s Head of Superannuation Investment Research, Mano Mohankumar says international shares surged 25.5% in hedged terms, supported by continued enthusiasm for AI and robust corporate earnings.
International shares in unhedged terms were lower, at 17%, due to a stronger Australian dollar. Australian shares returned a more modest 6.2%. Mohankumar says Growth funds have about 31% of their total investments in international shares on average, and a further 24% in Australian shares.
Almost every asset class produced a positive return over the year. Australian bonds, international bonds and cash returned 1.5%, 2.9% and 3.9% respectively. The only asset class to finish in negative territory was Australian listed property, down 1.8%, while international listed infrastructure and listed property returned 17.2% and 14.3% respectively.
Final returns for unlisted assets are still being calculated. Chant West expects unlisted infrastructure to return 7% to 9% and private equity 8% to 11%, while unlisted property is expected to post a return of 5% to 7% as its recovery continues.
This ensured members in all investment options achieved solid returns, although those with higher allocations to shares generally did best over the year.
Super fund performance: Financial years (1992–93 to 2025–26)
The table and chart below show the annual financial year performance of the median Growth fund over the 34 financial years since the introduction of compulsory super.
In the year to June 2026, the median Growth fund returned 9.5%, the fourth consecutive year of returns above 9% 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 34. As it happens, they have had only five.
| Financial year | Return (%) |
|---|---|
| 2025-26 | 9.5% |
| 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.
All five traditional risk categories posted positive returns in 2025-26 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 34 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 2026)
| 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%) | 12.4 | 13.2 | 8.4 | 9.0 | 9.6 | 9.5 |
| High Growth (81–95%) | 10.9 | 11.0 | 7.9 | 8.8 | 9.5 | 9.4 |
| Growth (61–80%) | 9.5 | 9.7 | 6.9 | 7.3 | 7.8 | 7.9 |
| Balanced (41–60%) | 7.6 | 8.1 | 5.6 | 5.8 | 6.3 | 6.7 |
| Conservative (21–40%) | 6.0 | 6.3 | 4.2 | 4.3 | 4.6 | 5.1 |
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 2025)
For your reference, 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 2025 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.
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