Which are Australia’s largest super funds?

Bigger is not always better, but the Productivity Commission found that it can pay to be with one of the larger funds.

Larger fund size is strongly associated with lower average costs and net returns, but mostly for the big not-for-profit funds. For example, over the 10 years to December 2025, the top-performing Growth funds (61% to 80% growth assets) were Hostplus, Australian Retirement Trust, AustralianSuper and UniSuper.

When done well, the benefits of scale may support administration, regulation and governance activities, cyber security, internal investment management, investment opportunities in unlisted assets such as infrastructure and property, member services and innovative retirement products.

For all these reasons, and despite the number of mergers already completed or underway, pressure remains on small funds to merge.

Whatever your objectives, it pays to at least be aware of which funds are gaining members and growing assets, as a point of reference when benchmarking your own super fund.

Largest super funds, winners and losers

In the tables below, you can find the 20 largest super funds, ranked according to their total number of members and the value of total assets under management, as at 30 June 2025. 

As you can see, industry and public sector funds (also collectively known as not-for-profit or profit-to-member funds) dominate the top of both tables.

The top 10 by members is unchanged from the previous year, while REST has overtaken HESTA in 10th place in the top 10 by assets, which is otherwise unchanged.

• AustralianSuper remains the biggest fund in terms of both assets and members, with assets worth $388 billion (up 8% over the year) and 3,672,060 members (up 7%).
• Australian Retirement Trust (formed by the merger of QSuper and Sunsuper in 2022) sits in second place in terms of both assets ($334 billion) and members (2,446,993), although member numbers fell by 2% as account closures were up a little and there were fewer new members to cover them.
• In terms of assets, there’s a yawning gap of more than $100 billion between the top two and the next group of seven funds with between $100 billion and $200 billion under management.
• In terms of members, REST and Hostplus rank 3rd and 4th. Both have relatively young, low-paid members in the retail and hospitality industries, with low average account balances at $45,645 and $71,160, respectively. This is reflected in their lower asset rankings, with Hostplus in 5th place and REST at 10th. You need to go down to 7th place in the member rankings to find the top retail fund, MercerSuper (1,053,639 members, up 12%). Most retail funds that made the list lost members over the year, with MLC and AMP among the biggest losers, down 7% and 5% respectively. However, many of the big industry and public sector funds had fairly static membership – Hostplus and Aware only up by 1% and Cbus no change.
• Aware Super is once again the 3rd largest in terms of assets (and 5th largest in terms of members) and is set to grow further after its planned merger with TelstraSuper. Unisuper is the 4th largest in terms of assets (and 10th largest in terms of members). Public sector funds like Aware and industry funds with predominantly older, white-collar members, such as UniSuper, tend to have higher average member balances, as do many retail funds.
• Of the 20 largest super funds, some of the biggest movers in terms of members and assets were the result of mergers and new business. CareSuper increased its members by 64% after merging with Spirit Super, while Brighter Super, originally serving Queensland local government employees, continued its spate of mergers to increase its members by 28%.

20 largest super funds, June 2025 (by members)

Source: APRA

20 largest super funds, June 2025 (by assets)

Source: APRA