AustralianSuper, the country’s biggest superannuation fund, delivered an 8.5 per cent return for customers in 2023-24 as a defensive move to reduce its sharemarket exposure earlier in the year meant it did not cash in on soaring global equities as much as rivals.

The return for the balanced option, which is the default for new members, still puts the fund well above its goal of achieving CPI plus 4 per cent over the long term and brings its 10-year average annual return to 8.1 per cent.