On 29 August 2025, the Australian Prudential Regulation Authority (APRA) released the results of the fifth annual superannuation performance test. The headline result: all 52 MySuper products passed — the second year in a row that no MySuper product failed.
This guide explains the test, lists the results across all 19 funds covered by SuperFind (every one passed), and unpacks what the test actually measures — including its known limitations.
What is the APRA performance test?
The Annual Superannuation Performance Test was introduced under the Treasury Laws Amendment (Your Future, Your Super) Act 2021, which took effect on 1 July 2021. It is a legislated comparison of each MySuper product (and, since 2023, each trustee-directed investment product) against a tailored benchmark portfolio built from the product's own strategic asset allocation.
For each tested product, APRA calculates:
- Net investment performance over a rolling 8-year window (for products with ≥8 years of history) or 10-year window where available, after fees and taxes.
- Annual representative administration fees on a $50,000 balance, compared to the median administration fee across all MySuper products.
The product's net performance is compared against the benchmark portfolio's net performance. A product is underperforming if its net result is more than 0.5 percentage points below benchmark over the rolling 8-year window.
Consequences of failing the test
The consequences for failing the performance test are codified in Section 60D of the Superannuation Industry (Supervision) Act 1993:
- First failure: The trustee must notify all members in writing within 28 days, explaining that the fund has failed the test and that members may want to consider switching.
- Second consecutive failure: The product is closed to new members and cannot accept new contributions from people not already in the fund. The trustee must continue working to address the underperformance.
Since 2021, the number of members in products that did not pass the test has decreased from around 1 million to 8,500 — driven by members switching out, products being closed to new members, and underperforming products being merged into stronger funds.
2025 results — all 19 SuperFind-covered funds
Every MySuper product reviewed on SuperFind passed the 2025 performance test. The table below shows each fund's MySuper product result; click any fund name to read the full review.
| Fund (MySuper product) | AUM | 2025 result |
|---|---|---|
| AustralianSuper | $365B | Pass |
| Australian Retirement Trust | $300B | Pass |
| Aware Super | $175B | Pass |
| UniSuper | $130B | Pass |
| Hostplus | $115B | Pass |
| REST | $85B | Pass |
| Cbus | $85B | Pass |
| HESTA | $75B | Pass |
| Equip Super | $35B | Pass |
| CareSuper | $28B | Pass |
| Spirit Super | $28B | Pass |
| Active Super | $22B | Pass |
| Brighter Super | $18B | Pass |
| Vision Super | $14B | Pass |
| Mine Super | $13B | Pass |
| LUCRF Super | $10B | Pass |
| Media Super | $8B | Pass |
| LegalSuper | $8B | Pass |
| First Super | $6B | Pass |
Source: APRA — 2025 Annual Superannuation Performance Test - MySuper products, published 29 August 2025.
The broader 2025 results
APRA tested 563 products in total in 2025:
- 52 MySuper products — 52 passed, 0 failed (second consecutive year of zero failures).
- 374 non-platform trustee-directed products — all 374 passed.
- 137 platform trustee-directed products — 130 passed, 7 failed. Notably, APRA reported that over 40% of platform TDPs with a 10-year history showed significant investment underperformance, even where they technically passed the test.
What "passing" actually means (and doesn't)
The performance test is a useful pass/fail filter that has driven hundreds of underperforming products out of the market. But passing the test is not the same as being a good fund. A few important caveats:
- The benchmark is tailored to the product's own asset allocation. A fund that loaded up on private markets and infrastructure is benchmarked against a tailored portfolio that also includes those assets — meaning it could underperform the broader market significantly and still pass the test.
- Fees are compared against a peer median. If the typical MySuper fee is high, even a product whose fees are above the broader market may still rate "around median" under the test.
- The 8-year rolling window smooths over recent performance. A fund that has performed poorly over the last 3 years but had a strong 2017–2019 will still pass.
- The test only covers MySuper and trustee-directed products. Self-managed super funds (SMSFs) and member-directed investment options are not in scope.
This is why SuperFind's fund reviews look at multiple data points — total fees at different balance levels, 1-year, 5-year, and 10-year returns, APRA heatmap ratings, insurance terms, and governance — rather than just the pass/fail outcome.
How to check your own fund
If you're not on this list and want to check whether your own fund passed the 2025 test:
- Use the ATO's YourSuper comparison tool: Log in to myGov, link the ATO, then go to Super → Compare super funds. APRA's performance test results are integrated directly into the tool.
- Use APRA's dashboard: APRA publishes a free YFYS Performance Test dashboard showing product-level results.
- Read your fund's most recent annual statement: Funds are required to disclose their performance test result on members' statements within a defined window after the test is published.
What about previous years?
- 2021 (inaugural test): 13 of 76 MySuper products failed (including Christian Super, BT Super, ASGARD Employee MySuper, Maritime Super, BOC MySuper, AvSuper Growth, Colonial First State FirstChoice Employer Super).
- 2022: 5 MySuper products failed.
- 2023: 1 MySuper product failed.
- 2024: 0 MySuper products failed (first all-pass year).
- 2025: 0 MySuper products failed.
The improving outcomes are partly driven by the test itself: trustees of underperforming products either fixed the underperformance, merged the product into a better-performing one, or had it closed to new members. The 2025 result confirms that the MySuper segment of the market has consolidated around stronger products.
Related guides and reviews
- Best super funds in Australia 2026
- How to choose a super fund
- Super fees explained
- All 19 fund reviews
- Compare any two funds side-by-side
FAQ
Did any major fund fail the 2025 performance test?
No. All 52 MySuper products passed in 2025, including every major industry fund (AustralianSuper, Aware Super, HESTA, Hostplus, UniSuper, REST, Australian Retirement Trust, Cbus) and the retail funds running MySuper defaults. The 7 failures were all platform trustee-directed products operated by N.M. Superannuation, I.O.O.F. Investment Management, and Bendigo Superannuation.
What happens if my fund fails the test?
If your fund's MySuper product fails the test, the trustee must notify you in writing within 28 days. You're free to keep your money there, but you should consider whether to switch. If your fund fails in two consecutive years, the product is closed to new members and you cannot top up the account (though existing contributions can stay).
Does passing the test mean my fund is the best choice?
No. Passing means the fund met a regulatory minimum benchmark over an 8-year window. Within the group of passing funds, there are still meaningful differences in fees, asset allocation, insurance terms, and member services. SuperFind's fund reviews compare funds across multiple dimensions, not just the test outcome.
What is a trustee-directed product?
A trustee-directed product (TDP) is an investment option within a super fund where the trustee — not the member — makes the asset allocation decisions. MySuper products are a specific type of TDP that serves as the default for members who don't make their own investment choice. Platform TDPs (offered through retail super platforms) are the segment with the most underperformance flagged in 2025.
When will the 2026 test be released?
APRA has historically released annual performance test results in late August each year. The 2026 results are expected around late August 2026.