First Super — superannuation fund performance
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First Super reported A$5.3bn of total assets for 79,001 member accounts (average balance A$66k) in APRA's fund-level statistics for the year to 30 June 2025, with a one-year rate of return of 8.7%.
| Total assets | A$5.3bn |
| Member accounts | 79,001 |
| Average member balance | A$66k |
| 1-year rate of return | 8.7% |
| 5-year rate of return (annualised) | 8.0% |
| 10-year rate of return (annualised) | 7.1% |
| Investment options offered | — |
What running the fund costs
For its reporting year ended 30 June 2025, First Super ran on an operating expense ratio of 0.4% — the running cost per dollar of savings (0.5% is 50 cents per A$100 a year). Payments to related parties — companies connected to the fund's own trustee or owner group — came to A$14.3m, equal to roughly 81.6% of its administration bill (a related-party payment is disclosed, not improper — but it is worth knowing who the fund pays).
| Operating expense ratio | 0.4% |
| Investment expense ratio | 0.3% |
| Administration and operating expenses | A$17.5m |
| Marketing spend | A$2.7m (about A$34 per member account) |
| Payments to related parties | A$14.3m |
| Payments to industrial bodies | A$111k |
The annual performance test
Every year the regulator tests most super products against a benchmark portfolio — fail twice and the product must close to new members. As at 30 June 2025, 4 of this fund's products and options were tested, and every one of them passed:
| Product / option | Type | Test result | 10-yr return | Admin fee |
|---|---|---|---|---|
| Balanced - accumulation | MySuper | Pass | 8.0% | 0.3% |
| Shares plus - accumulation — Shares plus - accumulation | Choice | Pass | 10.1% | 0.3% |
| Growth - accumulation — Growth - accumulation | Choice | Pass | 9.0% | 0.3% |
| Conservative balanced - accumulation — Conservative balanced - accumulation | Choice | Pass | 5.9% | 0.3% |
Does the insurance pay out?
Most super accounts carry insurance, paid from your balance. The admittance rate is the share of finalised claims the insurer accepted in the year to 30 June 2025 — the single best number for "does this cover actually pay". Over the year it collected A$21.5m in premiums and paid out A$14.5m in claims (claims paid in a year often relate to earlier years' cover, so this is a cash-flow picture, not a loss ratio).
| Cover type | Claims accepted (1-yr) | Claims paid | Premiums collected | Insurer |
|---|---|---|---|---|
| Life insurance (death cover) | 98.5% | A$4.2m | A$7.0m | Metlife Insurance Ltd |
| Total & permanent disability (TPD) | 91.9% | A$10.3m | A$14.0m | Metlife Insurance Ltd |
| Income protection | — | — | A$486k | Metlife Insurance Ltd |
The gender gap in this fund
In First Super, women's average balance was 25.6% lower than men's — from the fund-level member demographics APRA last published for the year to 30 June 2022:
| Average balance — female members | A$59k |
| Average balance — male members | A$80k |
| Member accounts (female / male) | 8,377 / 38,685 |
Compare First Super with similar funds
The funds closest to First Super in size, side by side — each with its own page for the fees, insurance and performance-test detail:
| Fund | Assets | 1-yr return | 10-yr return | Why comparable |
|---|---|---|---|---|
| Praemium SMA Superannuation Fund | A$5.2bn | 8.7% | 4.5% | Similar size |
| National Mutual Retirement Fund | A$5.7bn | 8.2% | 5.7% | Similar size |
| Centric Super Fund | A$4.1bn | 9.1% | — | Similar size |
| Essential Super | A$6.6bn | 12.1% | 6.5% | Similar size |
| Guild Retirement Fund | A$4.0bn | 10.8% | 7.1% | Similar size |
| legalsuper | A$7.1bn | 13.1% | 7.2% | Similar size |
Questions this page answers
How big is First Super?
First Super held A$5.3bn in total assets for 79,001 member accounts in the APRA fund-level statistics for the year to 30 June 2025.
What return has First Super delivered?
First Super reported a 8.7% one-year rate of return, and 7.1% a year over the past ten years, at whole-of-fund level in the APRA fund-level statistics.
What does First Super charge in fees?
First Super reported an operating expense ratio of 0.4% and an investment expense ratio of 0.3% for its reporting year ended 30 June 2025 — the running cost per dollar of savings (APRA fund-level statistics).
Did First Super's products pass the performance test?
4 of First Super's products and options were tested against the regulator's annual performance test as at 30 June 2025, and every one passed.
Does First Super's insurance pay out?
In its latest reported year First Super's default cover collected A$21.5m in premiums and paid A$14.5m in claims, per the APRA fund-level statistics.
See also: Australian super in numbers — marketing spend, expenses, the gender gap and two decades of consolidation across all APRA-regulated funds · all tracked plans.