AustralianSuper vs QSuper

Both are top-performing super funds with relatively low fees - but chances are you're only eligible to join one of them.

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By

Alison Banney

Updated

Fact checked

Key takeaways

  • Both funds are industry super funds rather than retail super funds.
  • Both funds' default MySuper products have achieved similar performance returns and have similar fees.
  • The main difference is AustralianSuper is open to anyone, while QSuper is only available to QLD Government employees and family of exisitng members.

AustralianSuper vs QSuper

AustralianSuperQSuper
Type of fundIndustry super fundIndustry super fund (QSuper is part of Australian Retirement Trust)
Eligibility requirementsAustralianSuper is an open fund with no eligibility conditions to meet before joining.To open a QSuper account you must:

• Be employed by the Queensland Government or a QSuper default employer
• Be a spouse of an existing QSuper member
• Be a child (under the age of 25) of an existing QSuper member.
• Retired and aged from 60 up to your 80th birthday for a QSuper Lifetime Pension.

More information can be found on QSuper's page.

Number of members3.4 million members2.4 million Australian Retirement Trust members
Default investment optionAustralianSuper Balanced

This is a pre-mixed, diversified fund that invests your super in a range of assets with a strong allocation towards Australian and international shares, direct property and infrastructure. Investment allocation is the same for all members in the Balanced fund, regardless of age. It's an authorised MySuper product.

QSuper Lifetime

This is a pre-mixed, diversified investment option that also invests in a range of different asset classes. It's an authorised MySuper product.

Unlike AustralianSuper Balanced, QSuper Lifetime is a lifecycle investment product which adjusts your investment mix in line with your age and account balance. This product will gradually decrease your exposure to high-risk, high-growth assets as you get closer to retirement. The Lifetime product is split into four different life stages.

PerformancePast performance of AustralianSuper Balanced:
  • 10 years: 7.44% p.a.
  • 5 years: 6.79% p.a.
  • 3 years: 4.46% p.a.
Past performance of QSuper Lifetime - Outlook (for under 45s)
  • 10 years: 6.31%
  • 5 years: 7.1%
  • 3 years: 4.53%
FeesHere's how much you'd pay in fees for one year if you had the following amounts invested in AustralianSuper Balanced:
  • $5,000 balance: $85.50 in fees
  • $50,000 balance: $387 in fees
  • $100,000 balance: $722 in fees
Here's how much you'd pay in fees for one year if you had the following amounts invested in QSuper Lifetime:
  • $5,000 balance: $94.90 in fees
  • $50,000 balance: $387.40 in fees
  • $100,000 balance: $712.40 in fees
Additional diversified investment optionsYou can choose to invest your super in one of the following pre-made investment options instead of the defaut option:
  • High Growth
  • Socially Aware
  • Indexed Diversified
  • Conservative Balanced
  • Stable
If you don't want to invest in the default option (QSuper Lifetime), you can choose to invest your super in one of the following pre-made investment options instead:
  • High Growth
  • Balanced
  • Conservative-Balanced
  • Conservative
  • Balanced - Risk Adjusted
  • Socially Conscious Balanced
  • High Growth Indexed
  • Balanced Indexed
Single asset class investment optionsYou can invest your super in one or more of the following individual asset classes:
  • Australian Shares
  • International Shares
  • Diversified Fixed Interest
  • Cash
If you want to design your own investment mix, you can invest your super in one or more of the following individual asset classes:
  • Australian Shares Index
  • International Shares Hedged Index
  • International Shares Unhedged Index
  • Listed Property Index
  • Unlisted Assets
  • Bonds Index
  • Cash
Ethical investmentThe AustralianSuper Socially Aware option doesn't invest in Australian or international companies that directly own coal and fossil fuel reserves, produce tobacco or those which have single-gender boards.

This fund is not certified by the Responsible Investment Association Australasia.

The QSuper Socially Conscious Balanced option avoids investments in fossil fuels, tobacco and gambling while actively choosing to invest in clear energy, waste reduction and recycling, green building, healthcare and education.

This option is also not certified by the Responsible Investment Association Australasia.

Mobile appThe AustralianSuper app has a 3.6-star rating from users in the Google Play Store and a 3-star rating in the Apple App Store.The QSuper app has a 4.5-star rating from users in the Google Play Store and a 4.6-star rating in the Apple App Store.
Read moreMore InfoMore Info
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Our expert says: Choosing a super fund

"Choosing super funds can feel overwhelming, but it gets easier once you've narrowed it down to a couple of options. If you can't decide between two similar funds, compare the fees and fund performance. Don't just look at the last year, but look at 5 and 10-year performance. And make sure you're comparing similar fund options. A high growth fund will have different performance to a balanced fund. "

Money Editor

How do the default MySuper products compare?

QSuper Lifetime is a lifestage investment product, while AustralianSuper Balanced is not. With AustralianSuper Balanced, the investment mix is the same for all members invested in this option, regardless of your age.

QSuper Lifetime is split into 4 different age brackets, and then within those age brackets your super is also invested according to your account balance. QSuper will asses your account every 6 months and adjust your investment option accordingly.

The other major difference is that you need to meet eligibility conditions to open a QSuper account, however anyone can join AustralianSuper.

How do their fees and performance figures compare?

Looking at the default options, AustralianSuper has slightly lower annual fees than the QSuper. That being said, Qsuper is still a low-fee option compared to many others in the market. Annual fees that are less than 1% of your balance are considered to be reasonable, and both these products charge fees less than this.

Looking at performance, AustralianSuper Balanced has delivered slightly higher returns than QSuper over the short, medium and longer term. However, both are top-performing funds.

How do the additional investment options compare?

QSuper offers a lot more variety with additional superannuation investment options compared to AustralianSuper. In particular, QSuper offers several indexed single asset class options while AustralianSuper does not. QSuper also offers exposre to property via its single asset class options, while AustralianSuper does not.

Want to keep comparing?

If you're not yet convinced that either option is right for you, or you simply want to see how they compare to others in the market, you can compare super funds with our guide.

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Written by

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise
Alison has written 653 Finder guides across topics including:
  • Superannuation
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2 Responses

    Default Gravatar
    EdwardFebruary 18, 2023

    I have been retired for 10 years, and in the last 12 months I have watched my super go into free fall. Which would be the best fund to be in. One that is actually making a positive return?

      AvatarFinder
      AlisonFebruary 21, 2023Finder

      Hi Edward,

      I am sorry to hear about your super fund experience over the past 12 months. A lot of funds (the vast majority!) have made a negative return over the past year due to falls in global markets, so you’re definitely not alone. You can compare super fund returns via our comparison here: https://www.finder.com.au/super-funds

      Keep in mind that super is a long term investment, and while most funds have had a bad 12 months, most have delivered strong returns over the past 10 years.

      Thanks and all the best,
      Alison

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