Hostplus vs AustralianSuper — Which Has Lower Fees in 2026?

When comparing two of Australia's largest and best-performing super funds, the headline difference isn't returns — it's fees. Hostplus, particularly through its Indexed Balanced option, is one of the cheapest super products in Australia at almost any balance level. AustralianSuper is competitive and diversified, but charges more. Here's the full comparison.

Fee Comparison at Every Balance Level

Fees below are estimated annual totals including admin, investment, and indirect cost ratios. Hostplus Indexed Balanced charges a flat $1.50/week admin fee plus approximately 0.04% investment fee — making it extraordinarily cheap at scale.

Performance: Which Fund Returns More?

Fees mean nothing if a fund dramatically underperforms. So how do the returns compare?

• Hostplus Balanced: approximately 8.7% per year over 10 years to June 2026 — one of the strongest performers in Australia, largely due to exposure to unlisted infrastructure and private equity
• AustralianSuper Balanced: approximately 8.2% per year over the same period — consistently top-quartile, with similar exposure to unlisted assets
• Hostplus Indexed Balanced: approximately 9.1% per year over 10 years — the index approach eliminates active management fees and benefits from low-cost broad market exposure; strong recent performance driven by global equity gains

On a net-of-fees basis, Hostplus Indexed Balanced has delivered the strongest outcome at most balance levels in recent years. However, its all-index approach means it will underperform in market downturns without the defensive buffer that unlisted assets provide in diversified options.

When to Choose AustralianSuper

• You want broad exposure to unlisted infrastructure and private equity managed by a large, experienced team
• You value insurance arrangements — AustralianSuper's default group insurance terms are competitive and easy to access
• You prefer a fund with strong member services, advice access, and branch/call centre support
• You have a complex financial situation and want access to in-house financial advice
• You're comfortable with the fee level given the fund's long-term performance track record

When to Choose Hostplus (Especially Indexed Balanced)

• You want the lowest possible fees on a large balance — Indexed Balanced is almost unbeatable on cost
• You believe in passive index investing and don't want to pay for active management
• Your balance is above $300,000 and the fee savings over AustralianSuper are significant
• You're comfortable with Hostplus's online-focused member experience (originally a hospitality industry fund, it has broadened membership to all Australians)
• You want strong long-term returns with a track record that consistently beats most peers

When to Consider an SMSF Instead

• Your balance exceeds $600,000–$750,000 and you have a specific investment strategy requiring assets not available in industry funds
• You want to buy commercial property or hold your business premises in super
• You need estate planning flexibility beyond what either fund offers
• You're approaching retirement and want precise pension phase control and income timing

Note: even at large balances, Hostplus Indexed Balanced's fees are so low that an SMSF would need to deliver a meaningfully better investment outcome — not just a lower fee — to justify the switch. The bar is high.

Related Articles

• SMSF vs AustralianSuper — Which Is Better for Your Balance?
• Best Super Fund in Australia 2026 — How to Compare and Choose
• Is an SMSF Worth It in 2026? — The Honest Answer