November dip ends second double-digit year hope for super returns

Binaya Dahal

Journalist

12 December 2025

A second consecutive double-digit calendar year for superannuation fund returns is now “unlikely”, SuperRatings director Kirby Rappel says, after a weak November pulled performance into negative territory.

SuperRatings’ new figures have estimated the median balanced option returned -0.5% in November, ending a seven-month stretch of gains that had been steadily lifting members’ balances.

“We expect most asset classes to have delivered negative returns over the month with Listed Property and Australian shares seeing a pullback,” Rappel said.

“While this month breaks the strong run, 2025 is well on track to be an above average year for member balances, with the 11 months to 30 November 2025 estimated to have returned 8.7% against a median of 7.1% for the full year since 2000.”

The data suggests pension returns have also softened with the median balanced pension option falling -0.5%.

Furthermore, the median capital stable pension and median growth pension options were estimated to have fallen by -0.2% and 0.7% respectively.

“However, members should be pleased that returns remain strong over the long term with the median balanced option providing an estimated 7.1% per annum over the last 25 years,” Rappel said.

“For pension members, the results have been even better with the median balanced pension product is estimated to return 9.5% for the 11 months to 30 November 2025.”

SuperRatings said members who hold steady could stand to benefit, especially if the ups and downs increase in the second half of FY 2026.