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Annual superannuation performance test

APRA is required to conduct an annual performance test for superannuation products. The assessment under the performance test is intended to hold RSE licensees to account for underperformance through greater transparency and increased consequences.

This year the test was expanded to evaluate trustee directed products, a subset of the choice segment. Broadly, trustee directed products are multi-asset products where the trustee has control over the design of the investment strategy of the product. 

Cover page - Insights paper 2023 Performance Test - November 2023

Insights paper - 2023 Performance Test 


This paper draws upon this year’s annual superannuation performance test data to deliver additional insights into the areas of investment performance and fees charged across MySuper and trustee directed products (TDPs).

The 2023 Performance Test - insights paper is available here.



Expanded Performance Test 2022-23 Results


Cover page - Expanded Performance Test 2022-23 Results publication

APRA has also published each product’s numerical results for this year’s performance test. These figures show how products performed relative to the tailored benchmarks beyond the “pass” and “fail” results announced in August.

The expanded Performance Test 2022-23 Results can be found below:


This is an example of the MySuper dashboard

MySuper products


The 2023 annual performance test has assessed MySuper products for the third year in a row. The long-term performance of 64 MySuper products were assessed against tailored benchmarks.

The performance test results for MySuper products are available here.


This is an example of one of the TDP dashboards.

Trustee directed products


This year’s annual performance test assessed choice products for the first time, with the inclusion of trustee directed products. The long-term performance of 805 trustee directed products were assessed against tailored benchmarks.

The performance test results for trustee directed products are available here.