The Australian Prudential Regulation Authority (APRA) has released the results of the 2025 superannuation performance test. The annual test, which has been administered by APRA over the past four years, assesses long-term performance to improve transparency and outcomes for fund members.
In 2025, APRA assessed 563 superannuation products:
- 52 MySuper products, all of which passed the test (none failed in 2024)
- 374 non-platform trustee-directed products, all of which passed the test (none failed in 2024)
- 137 platform trustee-directed products1, of which seven failed the test (37 failed in 2024)
The performance test applies to MySuper and trustee-directed products. This represents 62 per cent by value of the APRA-regulated superannuation sector.
APRA Deputy Chair Margaret Cole noted that the test showed improvements over time but reminded trustees to act in their members' best financial interests and ensure their products deliver genuine value.
"Since the introduction of the performance test in 2021, APRA has seen real progress in reducing underperformance for products subject to the performance test. The number of members in products that did not pass the test decreased from 1 million to 8,500," Ms Cole said.
APRA notes that a small number of platform trustee-directed products passed the performance test partly because rebates were applied. While this benefits members, APRA will engage with relevant trustees to reinforce the expectation of sustained performance improvement.
This year, to provide more timely insights into how super fund products are performing, the performance test results are published jointly with APRA's Comprehensive Product Performance Package (CPPP). This package provides additional insights and greater transparency on product performance by using a broader set of measures than those captured in the performance test.
In 2025, consistent with previous years, it showed underperformance across trustee-directed products offered on platforms. While these products provide members with wider investment options and flexibility, APRA also noted that over 40 per cent of them (with a 10-year performance history) exhibit significant investment underperformance.
The Performance Test Dashboard, CPPP Dashboard, CPPP Insights paper and associated data files are available on the APRA website at: Superannuation product performance.
Footnote
1 Broadly, trustee-directed products (TDPs) are multi-asset products where the trustee has control over the design of the investment strategy of the product.
