Super funds close the year strong with November gains

After a quiet October, November brought welcome gains for superannuation members, with strong international share performance leading the way. SuperRatings estimates that the median balanced option delivered a 2.4% return for the month, helping to solidify what has been a better-than-expected year.

“Share exposure continued to drive super returns in November,” said Kirby Rappell, Executive Director of SuperRatings. “2024 has been a stronger year for members than anticipated. Total superannuation balances have now topped $4 trillion… and so far, April is the only month where funds haven’t provided a positive return to members invested in the median balanced option.”

Balanced funds weren’t the only winners in November:

• Growth options, which have a higher allocation to shares, delivered a 2.8% return in November.
• Capital stable options, designed for more cautious investors, gained 1.4%.

Similar trends played out for pension funds, with balanced pension options returning 2.7% and growth pension options up 3.1% in November.

How members benefited from 2024’s growth

With November’s returns pushing the calendar year-to-date results into double digits, super fund members have much to be pleased about as 2024 comes to a close:

• The median balanced accumulation option has delivered an estimated 11.4% return for the first 11 months of the year.
• Pension members in balanced options saw even higher gains, with a 12.8% return over the same period.

These results reinforce the findings from APRA’s September 2024 superannuation data, which highlighted strong annual returns and the overall growth of the system. Super funds have averaged an annual return of 6.7% over the past 24 years, and 2024’s performance underscores the strength of long-term investing.

Are you making the most of your super?

While the overall growth is encouraging, not every fund performs equally—and not all members are paying close attention to how their fund is doing. As highlighted in our inaugural 2024 Mozo Superannuation Report, many Australians rarely compare their super or review its performance.

The strong returns of 2024 are a reminder of what’s possible when your super is working well. Whether you’re in a balanced fund or a growth option, taking the time to review your fund’s performance and fees could help ensure you’re on the right path.

And to learn more about different aspects of superannuation, including how super funds invest your money and how much you'll need for a comfortable retirement, check out our super guides hub!