22 January 2026
All AustralianSuper PreMixed and DIY Mix investment options delivered positive returns for members for the six months to 31 December 2025.
The Balanced option, where most members are invested, returned 4.67% for super accounts and 5.16% for Choice Income (pension) accounts for the first half of the 2025-26 financial year.
The Balanced option for super has delivered an average annual return of 7.47% over 5 years, 8.21% over 10 years and 7.34% over 20 years to 31 December 20251.
Meanwhile, the High Growth option for super accounts returned 5.75% for the 6 months and 10.03% for the 12 months to 31 December 2025.
Following another period of positive performance, AustralianSuper remains one of the top-performing super funds over the long term. The Balanced option ranks #2 for investment performance over the last 20 years2. As Australia’s largest super fund3, AustralianSuper now manages over $410 billion on behalf of more than 3.6 million members4.
Asset classes
Bolstered by continued momentum, many major stock market indices finished the calendar year at or near all-time highs. International shares have continued to lead the way. Importantly, we’ve seen some broadening beyond the US tech sector, with some key international markets in Europe, Asia and emerging markets outperforming the US in 2025. This broadening effect should benefit our active management approach.
The Australian listed shares portfolio generated positive returns for the financial year to 31 December 2025. Security selection, especially in the Materials sector, has contributed to the portfolio’s outperformance over its benchmark. The investment team capitalised on recent opportunities to reduce holdings in companies that have become relatively overvalued.
While listed markets continued to outperform unlisted markets in 2025, we have seen this gap begin to narrow compared to recent years.
Private equity returns have been supported by asset appreciation, diversification and improving deal activity. We added 11 high quality General Partner relationships during 2025, which will provide additional investment opportunities. Private credit also generated strong returns, benefitting from tightening credit spreads and favourable fundamentals among borrowers.
Unlisted infrastructure delivered modest, positive returns over the financial year to 31 December 2025, despite some headwinds during the December quarter. Seaports, airports, toll roads, tower networks and energy distribution continue to perform favourably. Unlisted property returns have stabilised, following valuation uplifts particularly from Australian and New Zealand properties in the portfolio.
The fixed interest and cash asset classes generated lower positive returns during the December 2025 quarter. Most central banks have slowed or paused their interest rate easing cycles, which meant this return environment has not been as strong for these asset classes.
Investment options
The returns for all PreMixed and DIY Mix investment options are shown below:
Super and TTR Income investment option performance as at 31 December 2025
| INVESTMENT OPTION | 3 Months | FYTD | 1 Year | 3 Years p.a. | 5 Years p.a. | 10 Years p.a. | 15 Years p.a. | 20 Years p.a. |
|---|---|---|---|---|---|---|---|---|
| PreMixed Options | ||||||||
| High Growth | 1.24% | 5.75% | 10.03% | 11.17% | 8.73% | 9.21% | 9.35% | 7.75% |
| Balanced | 0.99% | 4.67% | 8.69% | 9.38% | 7.47% | 8.21% | 8.46% | 7.34% |
| Socially Aware | 0.76% | 4.21% | 8.71% | 9.43% | 7.10% | 7.37% | 8.10% | 6.89% |
| Indexed Diversified | 0.63% | 4.57% | 9.48% | 11.85% | 8.34% | 8.04% | ||
| Conservative Balanced | 0.86% | 3.85% | 7.71% | 7.68% | 5.58% | 6.45% | 6.97% | |
| Stable | 0.67% | 2.81% | 6.32% | 5.77% | 3.89% | 4.86% | 5.51% | 5.42% |
| DIY Mix Options | ||||||||
| Australian Shares | -0.15% | 4.75% | 11.17% | 11.91% | 11.50% | 10.10% | 9.39% | 8.37% |
| International Shares | 2.48% | 8.38% | 11.80% | 17.99% | 10.99% | 11.78% | 11.96% | 8.27% |
| Diversified Fixed Interest | 0.15% | 0.79% | 4.06% | 3.03% | 0.77% | 2.18% | 3.76% | 4.15% |
| Cash | 0.86% | 1.77% | 3.92% | 3.89% | 2.59% | 2.10% | 2.46% | 3.12 |
AustralianSuper investment returns are based on crediting rates, which are returns less investment fees and costs, transaction costs, the percentage-based administration fee deducted from returns from 1 April 2020 to 2 September 2022 and taxes. Returns don’t include all administration, insurance and other fees and costs that are deducted from account balances. Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns. Returns from equivalent options of the ARF and STA super funds are used in calculating return for periods that begin before 1 July 2006.
For TTR Income accounts, the investment return is based on the crediting rate for super (accumulation) options. From 1 April 2020 to 2 September 2022 the crediting rate includes an administration fee that was deducted from investment returns for super (accumulation) accounts. TTR Income accounts will be adjusted to refund the administration fee deducted from investment returns.
Choice Income investment option performance as at 31 December 2025
| INVESTMENT OPTION | 3 Months | FYTD | 1 Year | 3 Years p.a. | 5 Years p.a. | 10 Years p.a. | 15 Years p.a. | |
|---|---|---|---|---|---|---|---|---|
| PreMixed Options | ||||||||
| High Growth | 1.38% | 6.35% | 10.89% | 12.31% | 9.62% | 10.11% | 10.28% |
|
| Balanced | 1.11% | 5.16% | 9.48% | 10.33% | 8.14% | 8.95% | 9.32% |
|
| Socially Aware | 0.86% | 4.69% | 9.60% | 10.44% | 7.78% | 8.18% | 8.94% |
|
| Indexed Diversified | 0.63% | 5.01% | 10.57% | 13.38% | 9.29% | 9.04% | |
|
| Conservative Balanced | 0.97% | 4.33% | 8.56% | 8.59% | 6.18% | 7.20% | 7.81% | |
| Stable | 0.76% | 3.16% | 6.96% | 6.49% | 4.31% | 5.44% | 6.19% | |
| DIY Mix Options | ||||||||
| Australian Shares | -0.13% | 5.29% | 12.27% | 13.28% | 12.84% | 11.30% | 10.61% | |
| International Shares | 2.68% | 9.09% | 12.59% | 19.59% | 11.86% | 12.77% | 13.07% | |
| Diversified Fixed Interest | 0.18% | 0.93% | 4.78% | 3.54% | 0.85% | 2.54% | 4.35% | |
| Cash | 1.01% | 2.08% | 4.51% | 4.53% | 3.00% | 2.45% | 2.88% |
|
Choice Income investment returns are based on crediting rates, which are returns less investment fees and costs, transaction costs and taxes. Doesn’t include all administration and other fees and costs that are deducted from account balances. Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns.
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Market environment
The global economy faced some pressure during the December 2025 quarter, amplified by geopolitical tensions and the US government shutdown. Despite heightened trade tensions and policy uncertainties, global growth expanded during the year. Monetary and fiscal policy easing have supported a broadening of earnings growth.
Supply constraints have remained a challenge in parts of the economy and demand has remained resilient. But while inflation remains persistent and results have been mixed, inflation has remained largely under control by central banks.
AI has remained a dominant theme for investment markets. Like previous innovation waves – such as the Industrial Revolution or the adoption of the internet and smartphones – this cycle has led to extraordinary gains in share prices. However, we do not believe we’re in the territory of an investment bubble yet.
We have closely tracked three key indicators: 1) exceptional gains in share prices, 2) extraordinary valuations and 3) high levels of debt. Tech returns have been strong and valuations are high, but neither is extreme by the standards of the 1990s or the Japanese equity bubble. Tech companies have started to take on more debt to finance their AI expansions, but these debt levels are lower relative to the profitability of these companies.
If we reach the point where we believe it is a bubble, we will expect to reduce our overweight position in international equities. In the meantime, we have been diversifying away from the AI theme and investing in other asset classes, like listed infrastructure and unlisted markets, which are less sensitive to AI.
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Investment outlook
Overall, we expect to see similar annual growth for most economies, including the US and Australia, in 2026. Some exceptions could include China and the United Kingdom. Key global themes, including strong AI sentiment and tech investment, will likely persist.
Given the rapidly maturing AI cycle, unlisted asset returns may continue to converge with listed equities. Unlisted assets could benefit from more moderate valuations, lower borrowing costs and a supportive growth environment, particularly if monetary policy easing continues. The portfolio is positioned to strike a balance, participating in the upside from the ongoing equities rally, while maintaining appropriate diversification to invest through market cycles.
The investment team continues to monitor economic and market conditions, considering how to best position the portfolio for members over the long term. This includes examining how the outlook for growth, inflation and interest rates are evolving, how technological developments like AI are affecting productivity and earnings and how geopolitical issues will continue to impact global markets.
As an active investment manager, we will continue to adapt to market conditions, manage risk and invest in attractive opportunities to grow members’ super over the long term. We continue to see pockets of volatility, which often lead to the mispricing of assets and buying opportunities for long-term investors like us.
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Investment activity – Project Acacia
Digital technologies like blockchain are creating opportunities for faster and more efficient ways to settle financial transactions.
Digital asset platforms – which operate on decentralised blockchain ledgers, where digital assets are created, stored and transacted – could offer potential benefits for super funds. For example, these digital technologies could streamline the trade settlement process, reducing the time, costs and risks involved.
To explore these potential benefits, the Fund recently participated in a research initiative called Project Acacia, led by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre.
Under this program, the Fund completed its first tokenised money market transaction, trading using an RBA Central Bank Digital Currency. During the exercise, the Fund settled term deposits and short-term bank debt on a blockchain platform in a matter of minutes. That's a significant reduction in settlement time, which could enable more efficiency in how we manage our liquidity.
We’re committed to meaningfully support the continued design and evolution of tokenisation and digitised transactions.
Learn more about your advice options
Members have access to a range of advice, and you can learn more here.
- Returns from equivalent investment options of the ARF and STA super funds are used for periods before 1 July 2006.
- AustralianSuper Balanced investment option compared to the SuperRatings Fund Crediting Rate Survey – SR Balanced (60-76) Index to 31 December 2025. Returns from equivalent investment options of the ARF and STA super funds are used for periods before 1 July 2006.
- APRA Quarterly superannuation fund level statistics September 2025. Released December 2025.
- As at 31 December 2025.
Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns
This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.
AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.
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