Regulation · 29 August 2025

APRA 2025 Performance Test: All 52 MySuper Products Pass for Second Year Running

On 29 August 2025, APRA released the results of the fifth annual superannuation performance test. The headline: every MySuper product passed for the second year in a row. The story underneath is more interesting.

563 superannuation products were tested in 2025, the broadest scope of any year since the regime began in 2021. Three product categories:

The seven failures were all platform TDPs, operated by three trustees: N.M. Superannuation (4 products), I.O.O.F. Investment Management (1 product), and Bendigo Superannuation (2 products). Members in those products will receive written notification within 28 days of publication, and the products will be closed to new members if they fail again in 2026.

What "all passed" actually means

It is tempting to read the all-pass MySuper result as evidence that the super industry has fixed its underperformance problem. The more accurate read is that the test itself has driven consolidation: since 2021, the number of members in failing products has dropped from approximately 1 million to 8,500. Funds that failed either fixed the underperformance, merged into a better-performing fund, or had their failing product wound up.

APRA's own commentary alongside the 2025 release flagged a quieter concern: among platform TDPs with 10-year track records, over 40% exhibited significant investment underperformance — even those that technically passed the test. The test's tailored benchmark (which mirrors each product's strategic asset allocation) means a product can underperform the broader market substantially and still pass.

The 19 SuperFind-covered funds

Every one of the 19 industry funds reviewed on SuperFind is a MySuper product, and all 19 passed the 2025 test. AustralianSuper, Australian Retirement Trust, Aware Super, HESTA, Hostplus, UniSuper, REST, Cbus, CareSuper, LegalSuper, Hostplus, Spirit Super, Equip Super, Mine Super, Vision Super, Brighter Super, Active Super, First Super, Media Super, and LUCRF Super — all passing.

For the full methodology, history of failed products since 2021, and what the test does and doesn't measure, see our pillar guide: 2025 APRA Performance Test — Every MySuper Fund's Result.

What to do if your fund is in a failing platform TDP

If you're affected, you have three options:

  1. Stay put. If you're satisfied with the broader package the platform offers, you can keep your money where it is — the failing label doesn't force you to switch. You will receive a notification letter from the trustee.
  2. Switch to a different option within the same fund. Most platforms offer multiple investment options; you can move out of the failing TDP into a passing one without leaving the platform.
  3. Roll over to another fund. Use MyGov or contact your preferred fund directly to initiate a rollover. Before doing so, check insurance cover that may be tied to the existing account.

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Reviewed by Jarrod, Editor · DecisionLab Last reviewed: April 2026 · Methodology
Important information The information on SuperFind is general in nature and does not take into account your personal financial situation, needs, or objectives. It is not personal financial advice. Before making any financial decisions about your superannuation, consider whether the information is appropriate for your circumstances and consider seeking advice from a licensed financial adviser. Super fund data including fees and performance returns shown on this site were current as of April 2026 — always verify figures on the fund's website. Past performance is not a reliable indicator of future performance. Data sourced from APRA, ATO, and individual fund disclosures. Read our methodology for how figures are calculated and our about page for editorial policy. SuperFind is a DecisionLab publication.