Australian Super vs. Aware Super: a clash of the titans
.png)
When choosing a super fund, it's hard to look past two Goliaths of the industry: Australian Super and Aware Super. As two of Australia's biggest profit-for-member funds, they both have strong track records.
Australian Super is the largest in the country by a significant margin, while Aware Super is also a major player, managing the savings of over a million Australians. Both also adhere to environmental, social and governance (ESG) investment principles, meaning they consider their impact on not just profits, but also society and the environment.
But while they are both top performers, they have important differences when it comes to their fees, investment options and recent returns. We compare them side-by-side to help you see which one might be a better fit for your situation.
Aware Super vs. Australian Super: investment options
Aware Super provides a broader selection of pre-mixed investment funds than Australian Super, including two distinct socially responsible options compared to Australian Super's one.
A key feature for Aware Super is its MySuper ‘lifecycle’ option, which is the option that most of its members default into. The lifecycle approach automatically reduces investment risk by moving your money into more conservative assets as you get closer to retirement - a strategy that may work best for those who like to be hands-off. Australian Super does not offer a lifecycle option; its default is a single 'balanced' portfolio for all members, regardless of their age.
Conversely, Australian Super’s main point of difference is its ‘Member Direct’ product, a feature Aware Super doesn't have. This tool lets you invest a portion of your super in a selection of specific ASX-listed shares and ETFs, giving you a level of hands-on control that is rare outside of a self-managed fund.
| Category / Option Type | Aware Super | Australian Super |
|---|---|---|
|
Pre-mixed/diversified options |
9 |
6 |
|
Standard diversified |
5 |
4 |
|
Indexed diversified |
2 |
1 |
|
Sustainable/ethical |
2 |
1 |
|
Lifecycle options |
1 |
0 |
|
Single asset class options |
6 |
4 |
|
Direct investment option? |
No |
Yes |
|
MySuper default strategy |
MySuper Lifecycle |
Balanced diversified option |
Net investment performance
A fund's net return is a huge factor in its overall performance. ‘Net return’ refers to the profit your investment generates after fees have been deducted. In the comparison below, we look at one comparable option from each fund.
These two options have a somewhat similar approach to asset allocation, with AustralianSuper targeting 84% in growth assets and Aware Super targeting 88%.
Over a 10-year horizon, the two funds are virtually neck and neck on performance. A look at more recent history, however, shows Aware Super with a clear advantage over the one, three, and five-year timeframes, culminating in an impressive 1.27% outperformance for the 12 months to 30 June 2025.
Just remember that past performance is not a reliable indicator of future performance.
|
Performance (as at 30 June 2025)* |
Aware Super (High Growth) |
Australian Super (High Growth) |
|---|---|---|
| 10-year average return |
8.83% |
8.84% |
| 5-Year average return |
10.31% |
9.97% |
| 3-Year average return |
11.21% |
10.42% |
| 1-Year return |
11.88% |
10.61% |
* Source: Collected from Aware Super & Australian Super websites on 23 July 2025. Figures reported after investment fees and transaction costs, but before admin fees.
How does Aware Super compare with Australian Super on fees?
For members whose primary focus is minimising costs, Australian Super holds the edge with its lower fees across the main categories.But the reality is that fees are only part of the picture. As the section above demonstrates, it’s possible to still achieve higher net returns even if you’re paying more for that privilege.
Curious about how administration and investment fees actually work? Our guide to superannuation fees breaks down the basics.
For a more detailed breakdown of fees across different investment options, refer to your fund’s latest Product Disclosure Statement (PDS), which can be downloaded from their website.
| Fees and costs |
Aware Super (High Growth) |
Australian Super (High Growth) |
|---|---|---|
| Direct admin fees (deducted from your account) |
$1 per week fixed fee, plus 0.15% of your balance p.a., capped at $750. |
$1 per week fixed fee, plus 0.10% of your balance p.a., capped at $350. |
| Investment fees & costs |
0.59% p.a. |
0.46% p.a. |
| Transaction costs |
0.07% p.a. |
0.07% p.a. |
Bottom line
So, what's the final verdict? As is often the case with two top-tier funds, there isn't a single 'best' choice, only the one that's a better fit for your priorities and retirement goals.Australian Super is the clear winner on costs, and its Member Direct platform is a big plus for anyone who wants to pick their own shares.
Aware Super, however, has delivered recent investment returns that have more than covered its higher fees, and its default Lifecycle strategy may be ideal for those who prefer an automated, age-based approach.
As with any big financial decision, looking at other factors like insurance and customer service is also important.
And if you’re still undecided, speaking with a qualified financial advisor can help. Or feel free to check some of these other attractive options.