Strong local and international share performances in 2024 helped Australian superannuation funds generate outstanding double-digit gains. Millions of Australians who are preparing for retirement now have more financial stability thanks to another year of strong growth.
SuperRatings found that the average balanced superannuation fund returned 11.1% over the course of the year. This outcome above the 2023 return of 9.6%, demonstrating the sector’s tenacity and ability to handle challenging markets while providing for members.
Super Funds’ Top Performers Reveal Stellar Results
The 2024 rankings of balanced superannuation funds underscore a standout year for growth-oriented investments. Raiz Super’s Moderately Aggressive fund topped the list, delivering an exceptional 14.7% return. Other high achievers included Hostplus’ Indexed Balanced option with 14.2% and Colonial First State’s Enhanced Index Balance option, which posted a return of 13.4%.
Balanced funds, defined by SuperRatings as those investing 60% to 76% in growth assets, were supported by gains in equities and infrastructure. These funds benefitted from diversified portfolios, combining strong returns in property and shares with lower exposure to riskier assets.
Kirby Rappell, Executive Director at SuperRatings, noted the consistency in fund performance despite market uncertainties. “With a strong double-digit return for most funds, members can be reassured their retirement savings continue to grow,” he said. Here are the top 10 balanced options over 12 months :
| Rank | Option Name | 1 Year % | 10 Year % pa |
|---|---|---|---|
| 1 | Raiz Super – Moderately Aggressive | 14.7 | – |
| 2 | Hostplus – Indexed Balanced | 14.2 | 7.7 |
| 3 | Colonial First State First Choice Personal – CFS Enhanced Index Balanced | 13.4 | 7.0 |
| 4 | ESSSuper – Balanced Growth | 13.1 | – |
| 5 | Vanguard Super – Growth | 12.9 | – |
| 6 | smartMonday – Balanced Growth | 12.8 | 6.9 |
| 7 | Aware Super Future Saver – Balanced | 12.4 | 7.7 |
| 8 | AMP Signature Super – Future Directions Balanced | 12.2 | 6.6 |
| 9 | Brighter Super – Balanced | 12.1 | – |
| 10 | GESB Super – My GESB Super Plan | 12.0 | 6.6 |
Over the long term, the benefits of superannuation have become increasingly evident. A $100,000 investment in a median balanced option 15 years ago would now be worth $280,237. Meanwhile, a growth option investment would yield $307,519 over the same period, reinforcing the importance of strategic fund selection for retirement planning.
Long-Term Stability Driven by Diversification
Looking beyond the year’s top performers, long-term growth trends reaffirm the stability of Australia’s superannuation system. The Hostplus Balanced fund remained the best-performing option over the last decade, delivering an average annual return of 8.4%. Close competitors included Australian Retirement Trust’s Super Savings Balanced option at 8.3% and AustralianSuper’s Balanced option, which achieved 8.1%.
The data also highlighted the success of passive investment strategies, which track market indices, in outperforming actively managed funds in 2024. Younger members, especially those enrolled in MySuper lifecycle options, benefitted from these approaches due to their higher allocation to growth assets, though such exposure also entails increased volatility. Here are the top 10 balanced options over 10 years :
| Rank | Option Name | 1 Year % | 10 Year % pa |
|---|---|---|---|
| 1 | Hostplus – Balanced | 10.3 | 8.4 |
| 2 | Australian Retirement Trust – Super Savings – Balanced | 11.9 | 8.3 |
| 3 | AustralianSuper – Balanced | 10.5 | 8.1 |
| 4 | UniSuper – Balanced | 11.7 | 7.9 |
| 5 | Cbus – Growth (MySuper) | 10.8 | 7.8 |
| 6 | Vision Super – Balanced Growth | 10.2 | 7.8 |
| 7 | Hostplus – Indexed Balanced | 14.2 | 7.7 |
| 8 | HESTA – Balanced Growth | 11.0 | 7.7 |
| 9 | Aware Super Future Saver – Balanced | 12.4 | 7.7 |
| 10 | CareSuper – Balanced | 9.6 | 7.6 |
While 2024’s results are encouraging, Rappell cautioned against complacency. “2025 could bring many potential pitfalls, and sticking to a long-term strategy is important,” he advised. With diversification as a cornerstone, superannuation funds remain well-placed to deliver steady returns amid evolving market conditions.
