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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.
19 Feb 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.
Key points:
- The Australian super industry has over $4 trillion in assets under management.
- Over a third of that—$1.5 trillion—is managed by the top 10 biggest Australian super funds ranked by assets under management.
- Just under 16 million member accounts are managed by the top 10 largest Australian super funds (ranked by member accounts).
What are the top 10 biggest super funds in Australia?
Australia’s superannuation system is one of the world’s largest pension schemes, according to the Thinking Ahead Institute’s latest Global Pension Assets Study. The national superannuation industry now has just over $4 trillion in assets under management as of September 2024, according to figures from the Australian Prudential Regulation Authority (APRA). Just over a quarter of that is down to the many small self-managed super funds in Australia; but the majority of the money is managed by more than a hundred different industry, retail, corporate and public sector super funds. So which are the largest super funds in Australia?
The rankings below are based on APRA’s Quarterly Superannuation Product Statistics for September 2024, released in December 2024. We’ve only included super funds that the general public are eligible to join.
10 largest super funds – by member accounts
Below are the 10 biggest superannuation funds in Australia by member accounts—based on APRA’s data. The data also includes super income streams like transition to retirement accounts. It’s worth noting that a single member can have accounts with multiple different super funds.
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| Rank | Super fund | Total number of member accounts |
|---|---|---|
| 1 | AustralianSuper | 3,496,160 |
| 2 | Australian Retirement Trust |
2,473,030 |
| 3 | HOSTPLUS Superannuation Fund |
2,155,700 |
| 4 | REST Super | 2,106,250 |
| 5 | Aware Super | 1,233,900 |
| 6 | HESTA | 1,087,490 |
| 7 | Mercer Super Trust | 1,011,900 |
| 8 | Cbus Super | 926,210 |
| 9 | MLC Super Fund | 801,320 |
| 10 | UniSuper | 691,980 |
Source: www.canstar.com.au – 12/02/2025. Based on public offer superannuation funds in APRA Quarterly Superannuation Product Statistics for September 2024, released in December 2024.
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 $1.5 trillion in assets under management. That’s over a third of the total of all assets under management in Australia.
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| Rank | Super fund | Total assets ($ billions) |
|---|---|---|
| 1 | AustralianSuper | $355.27b |
| 2 | Australian Retirement Trust |
$306.63b |
| 3 | Aware Super | $183.63b |
| 4 | Unisuper | $144.20b |
| 5 | HOSTPLUS Superannuation Fund |
$118.83b |
| 6 | Colonial First State | $100.31b |
| 7 | Cbus Super | $95.10b |
| 8 | Retail Employees Superannuation Trust |
$89.28b |
| 9 | MLC Super Fund | $89.18b |
| 10 | HESTA | $88.36b |
Source: www.canstar.com.au – 12/02/2025. Based on public offer superannuation funds in APRA Quarterly Superannuation Product Statistics for September 2024, released in December 2024.
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 carefully 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 super fund 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 are 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.
- Financial advice options: You may find that deciding upon the above factors may be difficult, which is why sourcing financial advice could be quite helpful. Many super funds offer differing levels of advice, some of which may be free of charge to its members. Depending on the level of financial advice you require, you may want to engage the services of a professional financial adviser or your super fund—the cost of which may be able to be deducted from your super balance.
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.
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Cover image source: RomanR/Shutterstock.com
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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