Do we like AustralianSuper?
Australia's largest superannuation (pension) fund, run for its members; based in Melbourne, with over A$400 billion in assets.
Our score: 6 out of 10. A big, member-owned fund with no shareholders to pay. But it was fined $27m for overcharging members, and its climate record is patchy. We'd back it, with some caution.
AustralianSuper is Australia's biggest super fund. It reports more than A$410 billion in assets and over 3.6 million members as at 31 December 2025. Paul Schroder has been CEO since October 2021, and Shaun Manuell becomes chief investment officer from 1 July 2026.
The big blot is the account-merging saga. The fund reported the problem to ASIC itself in December 2021. In February 2025 the Federal Court ordered a $27m penalty for failing to merge multiple member accounts. ASIC's chair said the fund had "betrayed the trust of its members".
Climate is the other sore point. The fund has pledged net zero by 2050, but the activist group Market Forces has criticised its backing of Woodside's board and its fossil fuel holdings. The fund says the energy transition "will not be linear".
Our verdict: a member-run fund with no shareholders to pay is a decent place for your money. The fine and the climate backsliding stop it scoring higher, but it self-reported the problem and the fine wasn't paid out of member funds.