Following the 14.7 per cent return from the previous financial year, SuperRatings said this means super funds have delivered a return of more than 29 per cent over the past two years.
Telstra Super was the best performing super fund over the period, delivering a 15.8 per cent return to members, followed by Intrust Super at 14 per cent and UniSuper at 13.9 per cent.
Equities were the key drivers of returns for the second year in a row, with the median super fund Australian shares option being 16.8 per cent for the year and the international shares option sitting at 17.6 per cent.
SuperRatings said the median growth option represented a 14 per cent return over the 12 months.
SuperRatings founder Jeff Bresnahan said during the 22 years since the introduction of superannuation, Australian funds have returned 7.2 per cent per annum.
Mr Bresnahan said this was a positive for members and shows that despite all the peaks and troughs since 1992, superannuation funds have generally succeeded in providing returns to members of over 3.5 per cent above inflation.
However, he said there “remains work to be done to ensure members have the best possible chance to achieve their retirement goals”.
“There is increasing recognition across the industry that some members have been faced with poorer outcomes due to the timing of their retirement or poorly performing products,” said Mr Bresnahan.
“As a result, it is pleasing to see that there is a greater discussion of different members' needs, particularly those members around retirement.”
It is important that super funds better understand the different needs of their members and it was pleasing to “see many funds challenging the status quo in this regard”, he added.
“A case in point is the need for a greater focus on retirement outcomes, which was highlighted prominently in the interim Financial System Inquiry,” said Mr Bresnahan.
“We’re increasingly seeing funds begin to develop strategies to promote better retirement outcomes for members and this, more than anything, will drive the success of the Australian superannuation system, going forward."
