Simon Warner, Chief Investment Officer, gives his take on two topics that have been in the headlines recently – AI and private credit. He explains our approach to managing the risks and opportunities they present, and what it all means for your super.
Want to know more about where your money is invested? Get an inside look at how we invest in infrastructure here.
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Discover the latest on how your super savings are invested and performing — updated every quarter.
Your super has continued to grow this year, even with a more challenging global backdrop. Over the long term, where it matters most, our 10-year returns in High Growth, where most members are invested, remain among the strongest in the industry1, helping your savings to outpace the rising cost of living.
Your super is an investment, so your balance will move up and down over time.
This year has seen a few bumps along the way. Global conflicts and economic uncertainty have caused markets to move around more. It can feel unsettling, but these movements are a normal part of investing.
The good news is that if you’re in one of our diversified options, your super isn’t invested in just one thing. We spread it across lots of different investments – shares, property, infrastructure and more, both here and overseas. That way, when one area has a tough time, others can help balance things out.
We're focused on growing your super for the long term, through the ups and the downs.
Read more about the benefits of diversification and market volatility.
Most of our members are invested in one of our diversified options, which means your money is spread across many different investments, not only shares. It is likely invested in things like property, infrastructure and bonds, so your return reflects the performance of a mix of these different asset classes.
Diversification is an important way we manage risk for you to deliver strong long-term returns. This means your super may not always hit the highs of a strong share market – but it's also far better cushioned when markets take a turn.
Read more about the benefits of diversification and market volatility.
It's natural to feel concerned about the cost of living, particularly when you’re retired. We’ve heard from many members this year that day-to-day costs are weighing heavily on their budgets.
The good news is that if you’re in one of our diversified retirement options, like our most popular Conservative Balanced option, your option is designed to support you through your retirement.
Conservative Balanced invests in growth assets, like shares, to help your savings keep pace with the cost of living, as well as defensive assets like bonds and cash to help cushion your balance when markets are bumpy.
Find out more about Investing for retirement and market volatility.
Investment returns can look different year-to-year, depending on what's happening in markets and how our portfolio is positioned relative to the trends and events driving markets. This year is an example of that. A small group of large US technology companies accounted for much of the share market's return this financial year. Similarly, the Australian resources sector contributed to most of the local market returns. We held less exposure in both of these areas.
While this year's return is more modest compared to the past three years. It's important to keep sight of the bigger picture. It is long-term returns that are most impactful for members' balances, and our long-term returns remain strong.
Switching to cash when markets fall can feel like the safer option, particularly if you’re retired and living off your savings. But you risk locking in losses, and you may miss the recovery when markets bounce back.
Often the best approach is to stick to your long-term strategy and remain focused on your retirement goals.
Read more about market volatility.
The easiest way to find out what you’re invested in is to log into your online account.
If you haven’t made a choice, like most of our members you’ll be in our default option, which is one of our diversified options.
Read about our investment options.
We charge fees and costs to manage your super and invest it on your behalf.
Our size and scale helps us keep our fees competitive, so more of your money stays invested and keeps working for you.
Our Fees and costs page breaks it all down with simple examples.
There isn’t one number that tells you if you’re getting a good return. What matters most is how your super performs over the long term and that your investment option is suited to your stage of life and goals.
We’re proud of our track record of strong long-term returns. Our High Growth option, where most members are invested, is on track to remain among the top performers over 10 years,1 helping grow your balance for retirement.
See our investment performance and see how we compare.
If you spot another option with a higher return this year, it's worth checking what's behind that number. A higher return usually means more money invested in shares – which can look great when markets are strong but also means a much bigger drop when markets turn.
This may not be the right option for everyone, particularly if you are closer to or in retirement. Our diversified options are designed to grow your super over the long term.
See our investment performance and see how we compare.
Your super doesn’t stop working just because you do. You can choose a retirement investment option that keeps your money growing while also providing you with regular payments to support your lifestyle.
Get help to Plan your retirement and find out more about Investing for retirement.
High Growth and Conservative Balanced are designed for different stages of life, and different member needs.
High Growth is our default option for members under 56. These members typically have decades of investing ahead, so can afford to ride out market ups and downs. That’s why High Growth invests more heavily in growth assets like shares to maximise returns over the long term.
Our Conservative Balanced option is designed for retirees. It focuses on providing more stable returns while still keeping up with inflation, so your savings keep up with the cost of living. It won’t rise as much as High Growth in strong markets but is designed to better safeguard your savings during market downturns, which matters more when you’re retired and drawing down on your super.
See all our investment returns.
We often use High Growth as an example because it is the option most of our members are invested in. It is our default option for younger members, as part of our Lifecycle approach.
If you’re retired, we always keep you updated too. Most of our retired members are invested in our Conservative Balanced option, which is designed for retirees, with a greater focus on providing more stable returns while still helping your returns grow to keep up with inflation.
See all our investment returns.
* For simplicity this does not include insurance premiums and administration fees, and 9% p.a. investment return is assumed to be net of investment fees.
# This is based on the projections for our typical female retired member from age 67 to age 95, invested in the Conservative Balanced option compared with investing in Cash. Net investment return is 5.75% for the Conservative Balanced option and 3.0% for Cash option. Results are based on today's dollar deflated using price-inflation of 2.5% p.a. for retirement. Age Pension (September 2024 rates) is included in the projection of retirement income with the assumption of single and homeownership. These projections are estimates and not guaranteed. The actual amount of money you will get in your retirement may be very different from the estimates. The estimate does not consider any other superannuation accounts that you may hold or other assets that you own.
## Retirement balances are rounded to the nearest $1,000 and are stated in today's dollars, deflated using Average Weekly Ordinary Time Earnings (AWOTE) at 3.7% p.a. Retirement incomes are rounded to the nearest $100 and are stated in today's dollars, deflated using CPI at 2.5% p.a. Based on a female member aged 35 at the start of FY26 with a starting balance of $89,000. Salary is assumed to be $97,300 (average for female Aware Super members at age 35), indexed with AWOTE at 3.7% p.a. Their employer only contributes SG at the legislated rate of 12%. Based on 2025/26 income tax rates. Investment returns are based on the Aware Super MySuper Lifecycle approach, assumed to be CPI + 4% until age 55, reducing from CPI + 4% to CPI + 2.75% between the ages 55-65 (inclusive) and CPI + 2.75% from age 65 onwards. CPI is assumed to be 2.5% p.a. No admin fees and earnings tax are modelled as investment returns are assumed to be net of fees and tax. Insurance premium is assumed to be the average for members at each age with default insurance arrangements, indexed with AWOTE of 3.7% p.a. This example is for illustrative purposes only and is not intended to provide a forecast or guarantee on outcome. It is a broad illustration of the steps a member could take, but the actions appropriate for an individual will vary depending on their personal circumstances.
^ Money magazine's Ultra Long-Term Performance 2026 award recognises Aware Super's ability to deliver ultra long-term performance through a highly diversified portfolio constructed to deliver consistently sound returns. The fund's balance of growth and defensive opportunities allows it to meet members' needs over time. For more information visit: http://www.moneymag.com.au/best-of-the-best-awards
^^ Based on our typical member age 67 at retirement with $360,000 balance. When investing in the Conservative Balanced option, the member can drawdown $18,500 a year from their super until age 95. This is an additional $4,800 per year compared to saving in a bank account, about a 36% boost in retirement spending. Note this statistic is impacted by investment strategy, which is assumed to be the default Conservative Balanced pension option, and drawdown assumptions.
~ Retirement incomes are rounded to the nearest $100 and are stated in today's dollars, deflated using CPI at 2.5% p.a. Based on a retired member aged 67 at the start of FY26 with a starting balance of $300,000. Retirement income is derived by targeting a constant total real level of income to exhaust their balance at age 95. Based on 2025/26 income tax rates. Based on March 2026 age pension rates, indexed with Average Weekly Ordinary Time Earnings (AWOTE) at 3.7% p.a. Investment returns are based on the Aware Super Conservative Balanced Retirement Income option, assumed to be CPI + 3.25% p.a., compared against the Aware Super Cash Retirement Income option, assumed to 3.0% p.a. CPI is assumed to be 2.5% p.a. No admin fees and earnings tax are modelled as investment returns are assumed to be net of fees and tax. Insurance premium is assumed to be the average for members at each age with default insurance arrangements, indexed with AWOTE at 3.7% p.a. This example is for illustrative purposes only and is not intended to provide a forecast or guarantee on outcome. It is a broad illustration of the steps a member could take, but the actions appropriate for an individual will vary depending on their personal circumstances.
1 Source: SuperRatings Fund Crediting Rate Survey, May 2026. SR Growth (77-90) Future Saver High Growth option ranked 7th over 10 years. Past performance is not a reliable indicator of future returns.
[P1] Aware Super's High Growth option return over 10 years to 30 June 2026. SuperRatings Fund Crediting Rate Survey, June 2026. Based on the SR Growth (77-90) Index. Returns are after tax and investment management expenses but before the deduction of administration fees. Past performance is not an indicator of future performance.
[P6] Aware Super's Retirement Income Conservative Balanced option return over 10 years to 30 June 2026. SuperRatings Pension Fund Crediting Rate Survey, June 2026. Based on the SRP Conservative Balanced (41-59) Index. Returns are after tax and investment management expenses but before the deduction of administration fees. Past performance is not an indicator of future performance.
