Hostplus vs AustralianSuper vs Rest: Index Super Funds 2026

Updated: September 2026.

TL;DR verdict

Hostplus Indexed Balanced, AustralianSuper Indexed Diversified, and Rest Indexed Balanced are the three widely held low-cost index super options in Australia in 2026. All three sit meaningfully below their own active-option pricing and well below retail-fund equivalent. Hostplus wins on the lowest published administration-plus-investment fee for balanced indexed exposure. AustralianSuper wins on absolute scale, MySuper default performance, and a very tight fee gap versus Hostplus. Rest wins on mid-sized fund profile with competitive index option pricing and a strong retail-and-hospitality member base. Read the current PDS before switching: fee disclosure structure differs by fund, and past returns do not indicate future returns.

Why compare these three in 2026

All three are large APRA-regulated industry super funds with published low-cost indexed investment options and MySuper default products. The Superannuation Guarantee rate reached its full 12 percent from 1 July 2025 per ATO SG rate schedule, which means employer super contributions are at their highest level in Australian history. The concessional contribution cap for FY2025-26 sits at A$30,000 per ATO published caps, giving members meaningful room to salary-sacrifice on top of SG.

APRA's MySuper Product Heatmap publishes twice a year an assessment of each MySuper product on investment performance, fees, and sustainability. The APRA position statement notes: "The MySuper Product Heatmap presents publicly available information to help stakeholders assess the performance of MySuper products, using consistent, comparable measures for investment performance, fees and costs, and sustainability of member outcomes." That is the reference frame most members use when choosing a MySuper default.

What each fund's index option looks like in 2026

Hostplus Indexed Balanced

• Investment option: Hostplus Indexed Balanced.
• Asset mix: approximately 75 percent growth (Australian equities, international equities, listed property, listed infrastructure) with 25 percent defensive (fixed interest, cash).
• Published investment fee: approximately 0.05 to 0.07 percent per annum on the indexed option itself.
• Administration fee: A$1.50 per week plus a percentage-based administration fee capped per fund PDS.
• Total combined fee (illustrative on A$50,000 balance): typically below 0.35 percent per annum all-in.
• Insurance: default death, TPD, and income protection cover; opt-out available.
• Refer to the current Hostplus fees and costs page for exact numbers.

AustralianSuper Indexed Diversified

• Investment option: AustralianSuper Indexed Diversified.
• Asset mix: approximately 75 percent growth (indexed Australian and international equities, listed property, listed infrastructure) with 25 percent defensive (indexed bonds and cash).
• Published investment fee: approximately 0.06 to 0.09 percent per annum on the indexed option.
• Administration fee: A$1 per week flat plus a percentage-based administration fee (approximately 0.10 percent per annum, capped per fund PDS).
• Total combined fee (illustrative on A$50,000 balance): typically below 0.35 percent per annum all-in.
• Insurance: default cover; opt-out available.
• Refer to the current AustralianSuper PDS for exact numbers.

Rest Indexed Balanced

• Investment option: Rest Indexed Balanced.
• Asset mix: approximately 75 percent growth (indexed equities, listed property, listed infrastructure) with 25 percent defensive.
• Published investment fee: approximately 0.06 to 0.08 percent per annum on the indexed option.
• Administration fee: weekly flat plus a percentage-based administration fee per fund PDS.
• Total combined fee (illustrative on A$50,000 balance): typically below 0.40 percent per annum all-in.
• Insurance: default cover; opt-out available.
• Refer to the current Rest fees and costs page for exact numbers.

Where the fee differences come from

Scale

AustralianSuper is Australia's largest super fund with more than A$365 billion in funds under management as of mid-2026 per AustralianSuper's 2024-25 annual report. Hostplus is one of the largest industry funds with more than A$115 billion in FUM. Rest sits at more than A$85 billion. Scale drives investment cost lower on indexed options because index management is largely a fixed cost per mandate rather than a percent-of-assets cost.

APRA has stated in its MySuper Product Heatmap methodology that "fee levels remain a key driver of long-term member outcomes." A 20 basis point fee gap compounded over 30 years on a growing balance is meaningful; a 5 basis point gap between two low-cost indexed options is closer to noise.

Fee structure

All three funds use a hybrid administration fee: a weekly flat dollar plus a percentage of the account balance. The dollar-plus-percentage structure is regressive on small balances (relatively higher fees at small balances) and progressive at large balances (capped percent). The exact break-even point for a Hostplus-versus-AustralianSuper comparison shifts with balance size.

Insurance costs

Default insurance premiums are deducted from super and are a real drag on returns. All three funds offer opt-out insurance. If insurance is not needed (e.g., adequately covered outside super, no dependants), opt-out cuts the total cost meaningfully. Check the PDS insurance schedule; premiums vary by age, gender, occupation category, and cover level.

Named entity comparison

Fund	2026 FUM (approx)	Indexed option name	All-in fee illustrative (A$50k balance)	MySuper default option
Hostplus	A$115 billion+	Indexed Balanced	Below 0.35% p.a.	Balanced (active)
AustralianSuper	A$365 billion+	Indexed Diversified	Below 0.35% p.a.	Balanced (active)
Rest Super	A$85 billion+	Indexed Balanced	Below 0.40% p.a.	Growth (active)

Numbers are illustrative and rounded; refer to the current PDS on each fund's website for exact figures before making any decision.

Performance context

AustralianSuper's Balanced option delivered approximately 8.1 percent annualised over 10 years to 30 June 2025 per its published performance disclosure. Hostplus Balanced and Rest Growth options have delivered comparable ranges over long horizons. Indexed options have delivered slightly different returns depending on tracking error and the specific benchmark mix; over long horizons, indexed options tend to deliver returns closer to underlying benchmark net of the much lower fee drag.

Past returns do not indicate future returns. APRA MySuper Product Heatmap publishes returns net of fees and taxes on a consistent basis, which is the fair comparison basis between funds.

Use case segmentation

For a member who wants lowest possible fees on a broadly diversified 75/25 growth-defensive mix and does not need active management: Hostplus Indexed Balanced is a top-tier pick. AustralianSuper Indexed Diversified is very close.

For a member who prefers scale, brand familiarity, and the largest fund by FUM: AustralianSuper Indexed Diversified. Scale itself is not a return driver, but larger funds typically have more resource for member services and pooled buying power on external mandates.

For a member with retail or hospitality employment history where Rest is the default fund: Rest Indexed Balanced. There is no strong case to switch out for a 5 basis point difference if administrative continuity is valued.

For a member wanting active management: none of these three low-cost indexed options. Move to the fund's balanced or growth active option instead. Active option fees run 0.60 to 1.20 percent per annum across these three funds; whether the active premium is justified is a separate debate.

When indexed super may not fit

Index super delivers benchmark-like returns net of low fees. It does not attempt to beat the benchmark. Members who value the possibility of active manager alpha, unlisted asset exposure, or specific sector tilts (e.g., ethical or sustainable options) may prefer active options at higher fees. Members close to retirement (within 5 to 10 years) may want to shift asset allocation to a more defensive mix regardless of active or index; indexed conservative options exist at all three funds.

Members with balances below A$6,000 face relatively higher fee-drag on indexed options due to the weekly dollar-flat administration fee. APRA has noted in successive heatmaps that "small account balances remain a member outcome challenge across the sector." Consolidating multiple small super accounts into one is usually the single largest fee saving available.

Consolidation and lost super in 2026

The ATO reported approximately A$16 billion in lost and unclaimed super across Australian accounts as of the most recent lost super update. Consolidating multiple accounts saves duplicated administration fees and duplicated insurance premiums. Consolidation via myGov linked to the ATO takes a few minutes and typically completes within days.

Before consolidating, check insurance implications: closing a super account cancels any insurance held under it, and some occupation-specific cover cannot be reinstated on a different fund without underwriting. Members with default insurance on multiple funds should weigh insurance retention against fee savings.

How ShopBack fits alongside super

ShopBack Australia is a cashback platform on eligible retail and travel merchants; super contributions are outside the ShopBack partner network. What ShopBack helps with is the everyday spending sitting alongside super: retail, travel, food delivery, insurance where partners are listed. Free cash flow saved from cashback rebates on lifestyle spending can be redirected to voluntary super contributions if that fits the member's plan. Check ShopBack before you shop, activate ShopBack via the extension on desktop, and use ShopBack to compare eligible finance-adjacent partner offers.

Salary sacrifice into super is set through the employer's payroll, not through ShopBack. The concessional contribution cap for FY2025-26 sits at A$30,000 per ATO published caps.

Frequently asked questions

Is Hostplus Indexed Balanced cheaper than AustralianSuper Indexed Diversified in 2026?

Marginally. Both funds sit below 0.35 percent per annum all-in for a A$50,000 balance in their respective indexed balanced or diversified options. The fee difference between the two indexed options is typically single-digit basis points, which for most members is noise. Refer to each fund's current PDS for exact fees before switching.

What is the fee difference between indexed and active super options?

Indexed options at Hostplus, AustralianSuper, and Rest run approximately 0.05 to 0.10 percent per annum on investment fees. Active balanced options run 0.60 to 1.20 percent per annum including performance fees. Over 30 years on a growing balance, a 60 to 100 basis point fee gap compounds materially. Whether active justifies its premium depends on whether the active manager delivers net of fee outperformance.

Which super fund has the best long-term returns in Australia?

APRA's MySuper Product Heatmap publishes net-of-fee net-of-tax returns on a consistent basis across all MySuper products, updated twice a year. AustralianSuper Balanced delivered approximately 8.1 percent annualised over 10 years to 30 June 2025 per its 2024-25 annual report. Hostplus Balanced and Rest Growth delivered comparable ranges. Past returns do not indicate future returns.

What is the concessional contribution cap for FY2025-26?

A$30,000 per financial year per the ATO's published concessional contribution cap for FY2025-26. This applies from 1 July 2025 to 30 June 2026 and includes employer Superannuation Guarantee contributions, salary-sacrifice contributions, and personal deductible contributions. Members with balances below A$500,000 may also use the carry-forward unused cap rules.

What is the Superannuation Guarantee rate in 2026?

12 percent. The Superannuation Guarantee rate reached its full 12 percent from 1 July 2025 per the ATO SG rate schedule. This is the minimum employer super contribution as a percentage of ordinary time earnings. Some employers pay above the SG minimum through enterprise agreements or individual arrangements.

Can I switch super funds without tax consequences?

Yes, super fund switches (rollovers) are not a taxable event. A rollover moves the full balance from one fund to another with no capital gains tax on unit sales inside the transferring fund. Insurance held on the transferring fund is cancelled on rollover; new insurance on the receiving fund may require underwriting.

Does APRA rate one of these three funds better than the others?

APRA's MySuper Product Heatmap uses a colour-coded assessment across investment performance, fees, and sustainability metrics. All three of Hostplus, AustralianSuper, and Rest have historically sat in the acceptable-to-strong range on their MySuper default options. APRA does not endorse or rank funds; it provides transparent, comparable data. Check the current heatmap at APRA before deciding.

Is index super better than active super for young Australians?

The debate is not settled. Indexed options deliver benchmark returns at very low cost. Active options attempt to beat the benchmark but charge higher fees. Over long horizons, the low fee drag of indexed options has been a real advantage; whether active alpha exceeds the fee premium depends on the manager. For a young member with 30+ years to retirement, either approach can work.

How do I consolidate my super accounts?

Log into myGov, link the ATO service, and the ATO shows all super accounts registered against your Tax File Number including any lost or unclaimed super. Rollovers can be initiated online in myGov or through the receiving fund's member portal. Check insurance implications before consolidating: closing accounts cancels any insurance held on them.

Can I use ShopBack cashback to contribute to super?

Not directly. ShopBack is a cashback platform on eligible retail and travel merchants; super contributions run through employer payroll or direct member contribution to the fund. Free cash flow saved from cashback on lifestyle spending can be redirected to voluntary super contributions through the member's own payroll or direct contribution setup.

What happens if my employer does not pay Super Guarantee?

Report the unpaid super to the ATO through the Unpaid Super Guarantee report tool. The ATO can pursue the employer for the outstanding amount plus interest and penalties. Super Guarantee is a legal obligation, not a discretionary benefit. Members should check super contributions against their pay slips each quarter.

Do Hostplus, AustralianSuper, and Rest offer ethical or sustainable options?

Yes. All three funds offer socially responsible investment (SRI) or sustainable-themed investment options with varying negative-screening criteria and positive-selection criteria. Fees on SRI options run higher than indexed options because of the screening overhead. Refer to each fund's PDS for the current SRI options and fees.

Can I have a self-managed super fund alongside Hostplus or AustralianSuper?

Yes, but SMSF setup and ongoing compliance costs are meaningful (typically A$1,500 to A$4,500 per year all-in for accounting, audit, and ATO supervisory levy). SMSFs make more sense at balances above A$300,000 to A$500,000 where the fixed-cost overhead can be justified. Below that, industry super with low fees typically wins on net-of-cost basis.

How does ShopBack help around retirement planning?

ShopBack Australia helps on lifestyle-spend cashback across retail, travel, insurance, and delivery partners on the network. Cashback rebates translate into free cash flow that can be redirected to voluntary super contributions, offset accounts, or other savings goals. Use ShopBack to compare eligible partners before you shop; activate ShopBack via the extension on desktop.

Primary sources referenced

• APRA, MySuper Product Heatmap
• ATO, Superannuation Guarantee rate schedule
• AustralianSuper, Product Disclosure Statements and performance
• Hostplus, Fees and costs page
• Rest Super, Fees and costs page

Garry writes about Australian personal finance, super, and everyday consumer economics for ShopBack. This article is for general information and does not constitute financial advice or a recommendation of any product. Consult a licensed financial adviser and refer to each fund's current PDS before making super decisions.