The Australian Prudential Regulation Authority (APRA) has released the results of its 2025 superannuation performance test, publishing them alongside its Comprehensive Product Performance Package (CPPP) to provide broader, more timely product performance insights. The assessment covered 563 products, with all 52 MySuper products and all 374 non-platform trustee-directed products passing, while seven of 137 platform trustee-directed products failed. The performance test applies to MySuper and trustee-directed products and covers 62 per cent by value of the APRA-regulated superannuation sector. APRA highlighted a reduction in underperformance since the test’s 2021 introduction, including a fall in the number of members in products that did not pass from 1 million to 8,500, and noted the number of failing platform trustee-directed products fell from 37 in 2024 to seven in 2025. It also flagged that some platform trustee-directed products passed partly due to rebates, and that the CPPP continues to show underperformance among trustee-directed products offered on platforms, with over 40 per cent of those with a 10-year performance history exhibiting significant investment underperformance. APRA indicated it will engage with relevant trustees where rebates contributed to passing outcomes to reinforce expectations of sustained performance improvement.

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