How to Check Your Superannuation Performance

Know What the Numbers Mean

Last Updated: September 16, 2026

Last Updated: September 17, 2026

Table of Contents

Why Checking Your Superannuation Performance Matters

Your superannuation balance tells you how much you have. Your investment performance helps explain how that balance has changed over time.

For most Australians, superannuation will become one of their most significant financial assets outside the family home. That makes it worth understanding not just the balance, but also how your money is invested, what it has returned, what you are paying and whether the investment option remains appropriate for you.

Small differences in investment returns and costs can have a significant effect over a long investment period because investment returns compound over time. However, performance should never be considered in isolation. A higher return generally comes with a different level of investment risk, and past performance does not tell you what will happen in the future.

The objective is therefore not to find the fund that produced the highest return last year. It is to understand whether your superannuation is appropriately invested for your circumstances, goals, investment timeframe and tolerance for market volatility.

Key takeaway: Your balance tells you what you have. Your performance, investment strategy, fees and insurance help explain how you got there and whether your current arrangement remains appropriate.

How to Check Your Super Balance Online

The simplest place to start is your super fund’s online member portal or mobile app. Most funds provide access to your current balance, investment option, contributions and transactions.

Some funds also provide investment performance information for different periods, although the information and presentation can vary between funds.

You can also access information about your superannuation through the Australian Taxation Office’s online services, including information about super accounts reported to the ATO.

The important point is to look beyond the headline balance.

Using Your Member Dashboard and Online Services

When you log into your super account, look for:

If your dashboard only provides a balance and limited performance information, your fund’s annual statement or other member communications should provide more detail.

Your investment option is particularly important. A return cannot be assessed properly without knowing what you were invested in and the level of investment risk you were taking.

For example, comparing the return of a high-growth option with a conservative option simply because one produced a higher return does not provide a meaningful comparison. The two options may have substantially different allocations to shares, property, fixed interest and cash.

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How to Read a Superannuation Statement

Your annual superannuation statement provides a useful snapshot of what happened to your account during the financial year.

A practical way to read it is to work through the numbers in this order:

  1. Opening balance
  2. Employer and personal contributions
  3. Investment earnings or losses
  4. Fees and costs
  5. Insurance premiums
  6. Tax and other deductions
  7. Closing balance.

This helps explain why your balance changed rather than simply looking at the beginning and ending figures.

It is also worth checking whether the contributions shown on your statement agree with your records and what you expected your employer or salary-sacrifice contributions to be.

Net Returns, Fees and Insurance Premiums Explained

The investment return shown by your super fund needs to be understood in context.

Funds may present investment performance in different ways, so check what the published return includes and whether it is shown before or after particular fees, taxes or other costs.

Your overall cost can include:

Administration fees
These are costs associated with maintaining your superannuation account.

Investment fees and costs
These relate to managing the investments within your chosen investment option.

Insurance premiums
If you have life, total and permanent disability (TPD) or income protection insurance through super, the premiums are generally deducted from your super account.

Transaction and other costs
Depending on the fund and investment option, other investment-related costs may also apply.

The important figure is therefore not simply the advertised investment return. You need to understand what you actually paid and what return you received for the investment option you selected.

Insurance Can Be a Significant Cost

Insurance deserves particular attention because premiums can be deducted from your super without requiring a separate payment from your bank account.

That does not mean the insurance is unnecessary. Appropriate insurance can provide valuable protection. The question is whether the amount and type of cover remains appropriate for your circumstances.

If you have multiple super accounts, you may also have insurance across more than one account. That can create unnecessary costs, but cancelling an account or insurance policy without first arranging appropriate replacement cover can create a much bigger problem.

Do not cancel insurance simply because it is reducing your super balance. First determine what cover you need, whether replacement cover is available and whether any new policy requires medical or other underwriting.

What the Superannuation Performance Test Results Mean

The superannuation performance test is an annual regulatory assessment conducted by the Australian Prudential Regulation Authority (APRA) for specified superannuation products.

The test is designed to assess whether relevant products have met prescribed performance benchmarks over the applicable assessment period.

The test is important, but it should not be treated as a complete assessment of every superannuation investment option.

In particular, the result for a fund’s MySuper product does not automatically tell you how your particular choice investment option has performed.

A MySuper product is generally a fund’s default investment arrangement for members who do not select another investment option.

Some trustee-directed products are also subject to the performance test, while many other investment options are not.

What Happens When a Fund Fails

If a relevant product fails the performance test, the trustee has regulatory obligations, including notifying affected members.

A failure is an important reason to investigate the investment option, but it does not automatically mean that every member should immediately transfer their super to another fund.

Before making a decision, consider:

The opposite is also true. A product passing the performance test does not mean it is automatically the right option for you.

How to Use the Result

Think of the performance test as one piece of information rather than the entire decision-making process.

Result What it tells you What it does not tell you
Pass The relevant product met the prescribed regulatory test That it is the best option for your circumstances
Fail The relevant product did not meet the prescribed benchmark That every investment option in the fund is unsuitable
Not covered The particular product or option is outside the test That the investment option is either good or bad

For a member invested in a choice option, the performance of that specific option should be examined rather than relying solely on the fund’s MySuper performance-test result.

Key takeaway: A regulatory performance test is a useful screening tool. It should be considered alongside investment performance, fees, risk, insurance and your personal circumstances.

How to Compare Superannuation Funds

Comparing super funds is more complicated than finding the fund with the highest published return.

The first step is to make sure you are comparing like with like.

For example, compare:

Then consider what sits behind the numbers.

A fund with a slightly higher return may have achieved that result by taking more investment risk. Another fund may have a lower return because it holds more defensive assets and is designed to provide lower volatility.

Neither figure can be assessed properly without understanding the investment strategy.

Comparison Table: Ways to Check Performance

Method What it shows Best used for Effort
Member dashboard Balance, investment option, transactions and available performance information Regular check-ins Low
Annual statement Contributions, investment earnings, fees, insurance and account movements Detailed annual review Low
APRA performance test Regulatory benchmark result for applicable products Initial screening Low
Fund comparison tools Side-by-side information on returns, fees and investment options Preliminary comparisons Medium
Investment research Detailed information about investment options and benchmarks More detailed analysis Medium
Personal financial advice Assessment of your super in the context of your goals, risk profile, tax position, insurance and broader finances More complex decisions Higher

Long-Term vs Short-Term Returns and Your Risk Profile

One year of investment performance can tell you very little about whether a superannuation investment option is appropriate.

Investment markets move through different cycles. Shares, property, bonds and cash can perform very differently from one year to the next.

A better question is:

How has my investment option performed over an appropriate period, relative to an appropriate benchmark and taking its level of risk and costs into account?

How to Judge Whether a Return Is Good

There is no single return that can be described as “good” for every superannuation member.

Instead, consider several factors.

1. Compare like with like

A high-growth option should generally be compared with other high-growth options rather than with a conservative option.

2. Look at the relevant net return

Understand whether the published performance figure is before or after relevant fees and costs and make sure you are comparing figures on the same basis.

3. Look at multiple time periods

One-year returns can be heavily influenced by short-term market conditions. Five- and ten-year periods can provide greater context, although they still do not guarantee future performance.

4. Consider an appropriate benchmark

Investment performance can be assessed against a relevant market or investment benchmark. The benchmark should make sense for the assets and strategy being assessed.

5. Consider risk

A higher return is not necessarily better if it was achieved by taking substantially more risk than you are comfortable with or than is appropriate for your circumstances.

6. Avoid chasing last year’s winner

The investment option with the highest return over one year will not necessarily be the highest performer over the next year.

The objective is to have an investment strategy you can maintain through different market conditions rather than repeatedly switching in response to short-term performance.

Matching Performance Expectations to Your Risk Profile

Your investment option should reflect your circumstances, investment timeframe and tolerance for investment losses and volatility.

A younger investor with several decades before retirement may have more capacity to tolerate short-term market volatility than someone approaching retirement or already drawing an income from super.

However, age alone does not determine an appropriate investment strategy.

Your broader financial position, goals, other assets, expected retirement timeframe and ability to tolerate losses should also be considered.

This is why simply moving into the investment option with the highest historical return can be problematic.

The Insurance Drag Most Members Miss

Investment performance is only part of the equation.

Insurance premiums deducted from super reduce the amount remaining in your account to invest. If you have several super accounts, you could potentially be paying insurance premiums across multiple accounts.

That does not automatically mean you should cancel the insurance.

Instead, review:

 

Pro tip: Don’t make investment decisions based solely on last year’s performance. Look at the longer-term evidence, understand the risk you are taking and make sure the investment option remains appropriate for your circumstances.

Consolidating Accounts and Finding Lost Super

If you have several superannuation accounts, it is worth identifying all of them before deciding whether to consolidate.

Multiple accounts can mean duplicated administration fees and potentially duplicated insurance premiums. Consolidating accounts may simplify administration and reduce duplicated costs, but it is not automatically the right strategy.

Before consolidating, check:

You can use the ATO’s online services to help identify superannuation accounts reported to the ATO, including accounts you may have lost track of.

If you find an old account, do not automatically transfer it simply because the balance is small.

First determine whether it contains insurance or other benefits that could be lost, and whether transferring the account could affect your overall strategy.

For defined benefit interests, additional care is required because the benefit is generally determined using a formula rather than simply being the account balance. Transferring a defined benefit interest can involve giving up valuable rights or benefits.

Find everything first. Compare what you have. Then decide whether consolidation is appropriate.

Conclusion

Checking your superannuation performance does not need to be complicated.

Start with the basics: what do you own, how is it invested, what has it returned, what are you paying and what insurance do you have?

Then put those numbers into context.

Look at performance over an appropriate timeframe, compare similar investment options, consider the level of risk being taken and understand the effect of fees and insurance premiums.

Most importantly, do not make major changes simply because another fund or investment option produced a higher return last year.

Your superannuation strategy should support your broader financial plan and evolve as your circumstances change.

At Veyron Wealth Group, we help clients understand how their super is invested, whether their investment strategy remains appropriate, what they are paying and how their super fits into their broader retirement strategy.

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General Disclaimer

This article provides general information only and has been prepared without taking into account your personal objectives, financial situation or needs. It is not personal financial advice, tax advice or legal advice. Financial planning, superannuation, investments, insurance, taxation, social security and estate planning involve complex rules and considerations that may change over time.

Before making a financial decision, you should consider whether the information is appropriate for your circumstances and, where appropriate, seek professional advice. Investment returns are not guaranteed and past performance is not a reliable indicator of future performance.

Where Veyron provides personal financial advice, the advice will be provided within the agreed scope and based on the information relevant to your circumstances.

Frequently Asked Questions

How often should I check my superannuation performance?

For most people, reviewing superannuation once or twice a year is sufficient. Checking your balance every day or reacting to short-term market movements can encourage unnecessary changes to a long-term investment strategy.

It is sensible to review your super when you receive your annual statement and whenever there is a significant change in your circumstances, such as changing jobs, receiving a large contribution, approaching retirement or changing your investment strategy.

Does past performance indicate future superannuation returns?

No. Past performance is not a reliable indicator of future performance, and investment returns are not guaranteed.

When comparing investment options, consider longer-term performance alongside the investment strategy, level of risk, fees, relevant benchmarks and whether the option remains appropriate for your circumstances.

Where can I find my superannuation fund’s annual performance test results?

APRA publishes performance-test information for products covered by the regulatory test.

However, the result does not necessarily represent the performance of every investment option offered by a fund. If you are invested in a choice option, assess the performance and characteristics of that specific option.

Can Life insurance premiums inside my super affect my returns?

Yes. Insurance premiums paid from your super reduce your account balance and therefore reduce the amount remaining invested.

That does not mean insurance is a bad idea. Life, TPD and income protection insurance can provide important financial protection. The key question is whether the amount and type of cover remain appropriate and cost-effective for your circumstances.

Insurance premiums should be offset with matching salary sacrifices to your super