What are Australia’s largest super funds?
If you’re looking to join a super fund you might want to know which are the largest. Canstar reveals the 10 biggest super funds in Australia by total member accounts and assets under management as reported by APRA.
12 Dec 2025
If you’re looking to join a super fund you might want to know which are the largest. Canstar reveals the 10 biggest super funds in Australia by total member accounts and assets under management as reported by APRA.
What are the top 10 biggest super funds in Australia?
Australia’s superannuation system is one of the world’s largest pension schemes with over $4.4 trillion in assets under management as of September 2025, according to the Australian Prudential Regulation Authority (APRA). Just under a quarter of this amount is represented by many small self-managed super funds; but the majority of assets are managed by more than a hundred different industry, retail, corporate and public sector super funds. So which are the largest super funds in Australia?
10 largest super funds – by member accounts
Below are the 10 biggest superannuation funds in Australia by member accounts. It’s worth noting that a single member can have multiple accounts with the same super fund (i.e. transition to retirement accounts, pension accounts etc.).
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| Rank | Super fund | Total number of member accounts |
|---|---|---|
| 1 | AustralianSuper | 3,732,070 |
| 2 | Australian Retirement Trust |
2,562,910 |
| 3 | HOSTPLUS Superannuation Fund |
2,210,850 |
| 4 | REST Super | 2,168,890 |
| 5 | Aware Super | 1,254,350 |
| 6 | HESTA | 1,107,750 |
| 7 | Mercer Super Trust | 1,045,040 |
| 8 | Cbus Super | 929,430 |
| 9 | UniSuper | 779,780 |
| 10 | MLC Super Fund | 657,700 |
Source: www.canstar.com.au – 12/12/2025. Based on superannuation funds in APRA Quarterly Superannuation Product Statistics for September 2025, released in December 2025.
10 largest super funds – by assets under management
The table below shows the 10 largest superannuation funds in Australia based on the total value of the assets under their management. That is, the value of the investments that a super fund manages on behalf of its members. These top 10 super funds account for more than $1.7 trillion in assets under management. That’s over a third of the total of all assets under management in Australia.
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| Rank | Super fund | Total assets ($ billions) |
|---|---|---|
| 1 | AustralianSuper | $404.29b |
| 2 | Australian Retirement Trust |
$356.67b |
| 3 | Aware Super | $205.81b |
| 4 | Unisuper | $162.54b |
| 5 | HOSTPLUS Superannuation Fund |
$139.57b |
| 6 | Colonial First State | $110.71b |
| 7 | Cbus Super | $105.11b |
| 8 | Retail Employees Superannuation Trust |
$102.75b |
| 9 | HESTA | $99.46b |
| 10 | MLC Super Fund | $94.74b |
Source: www.canstar.com.au – 12/12/2025. Based on superannuation funds in APRA Quarterly Superannuation Product Statistics for September 2025, released in December 2025.
What should you look for in a super fund?
A super fund with more members or more assets under management isn’t necessarily a ‘better’ fund. When choosing a super fund, you should also consider factors such as:
- Investment performance: It could be a good idea to review a fund’s long-term performance and whether it has a history of delivering high returns. But remember, investments can rise and fall over time, so past performance should not be relied upon to judge a fund’s future performance.
- Fees: High fees can potentially eat away at your retirement balance. You might want to compare the fees that a super fund charges with other funds to understand whether you may be paying more than you need to. You can compare low fee super funds with Canstar.
- Investment options: A super fund that offers a variety of investment options may give you more flexibility when it comes to deciding what kind of investment risk you’re willing to take on.
- Insurance: If you’d like to take out life insurance through your super, you can look for a fund that offers cover that suits your needs. It’s often worth checking the price of premiums and level of coverage and how it compares to similar life insurance options on the market.
You can compare a range of super funds with Canstar. You might also like to view our latest Superannuation Star Ratings & Awards to see which superannuation providers received an Outstanding Value Award.
This article was reviewed by our Finance Editor Jessica Pridmore before it was updated, as part of our fact-checking process.
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