Australian Super vs. Aware Super: a clash of the titans
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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 |
Aware Super
- Aware Super manages over $200 billion in retirement savings for over 1.1 million Australians
- Track record of delivering super long-term returns – 9.27% p.a. over 10 years and 10.12% over 5 years to 31 August 2025 in the High Growth option.
- Multiple award winner for 2026 in the Mozo Experts Choice Awards for Superannuation: Exceptional Super Fund for Gen Z and Exceptional Low Fee Super Conservative option.
- Investment flexibility: Choose from a range of diversified options or single asset class options, or MySuper Lifecycle which automatically tailors your investment mix to your age over time.
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.
More super options on Mozo:
Spaceship Super
- Exceptional Super High Growth award winner for 2026 in the Mozo Experts Choice Awards for Superannuation
- Choice of forward-thinking investment options
- Digital dashboard to help you see where and how your super is invested
Spaceship Super says that above all else it’s focussed on building long-term value for its members. Its recent 2026 Mozo Experts Choice Award for High Growth Super is proof that it is delivering on this. Members have a choice of the award-winning GrowthX option, which has a focus on Global technology companies and the Global Index option which passively invests in growth assets, particularly international shares. In June this year, Spaceship also launched two new options, a Moderate Option which is designed to blend stability and growth and a Balanced Option which blends exposure to growth and defensive assets with the aim to balance potential returns and risk.
Spaceship Super’s digital platform helps you to keep track of your balance, and also gives you visibility of where and how your super is invested. If you’re saving for your first home, you can also set up a First Home Super Saver account.
Superhero Super
- Your choice of professionally-managed portfolios or directly investing in options like ASX 300 shares, ETFs, and managed funds
- Easy-to-use digital dashboard for managing your portfolio
Superhero Super is designed for Australians who want greater control over their super, offering a unique way to tailor their retirement savings. Unlike traditional super funds, Superhero Super lets you invest directly in a range of ASX 300 shares, ETFs, and managed funds, giving you the flexibility to shape your portfolio based on your own financial goals and risk appetite. In addition to this, Superhero Super boasts a selection of diversified investment options managed by Mercer, which you can select from if you’d rather leave your super to the professionals.
Superhero’s easy-to-use online platform puts your super in your hands, allowing you to track and manage your investments in real-time.
AMP Super
- 175 years of experience in helping Aussies secure their financial future
- Access a retirement health check via phone or My AMP with no extra fees
- A simple investment menu with exposure to leading investment managers to suit a wide range of investor needs
With over 175 years of experience, AMP has helped generations of Australians grow and manage their super through a mix of expert guidance, flexible options and easy-to-use digital tools. You can tailor your investment approach to suit your style, whether that’s building a personalised strategy with help from an adviser, or by choosing your own path through our simple investment menu.
The default AMP MySuper option continuously evolves with your life stages as you get older, and over 5 years to 30 June 2025:
- The 1990s option delivered returns of 10.08%
- The 1980s option delivered returns of 10.19%
- The 1970s option delivered returns of 9.71%
Every member also gets access to a retirement health check with no extra fees, designed to support confident planning at every stage, available by phone or through the My AMP app.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
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