The Australian Prudential Regulation Authority (APRA) has published the results of its 2025 annual superannuation performance test, alongside a new set of broader product performance insights. Across 563 assessed products, all MySuper and non-platform trustee-directed products passed, while seven platform trustee-directed products failed. The test covers MySuper and trustee-directed products, representing 62 per cent by value of the APRA-regulated superannuation sector. Results show 52 MySuper products passed, 374 non-platform trustee-directed products passed, and seven of 137 platform trustee-directed products failed, compared with 37 failures in 2024. APRA reported that, since the test was introduced in 2021, the number of members in products that did not pass fell from 1 million to 8,500, and flagged that some platform trustee-directed products passed partly due to rebates, prompting planned engagement with relevant trustees on expectations for sustained performance improvement. To provide more timely and transparent product insights, APRA published the performance test jointly with its Comprehensive Product Performance Package (CPPP), which uses a broader set of measures and again identified underperformance concentrated in trustee-directed products offered on platforms, including that more than 40 per cent of those with a 10-year performance history exhibit significant investment underperformance.

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