More than 66,000 Australian workers will be sent letters warning that their superannuation fund has underperformed, after Queensland-based construction industry fund BUSSQ became the only MySuper product in the country to fail the Australian Prudential Regulation Authority's (APRA) annual performance test. The failure means BUSSQ must notify affected members and could face a ban on accepting new members if it fails again next year. Consumer advocates have criticised the fact that BUSSQ has no similar obligation to warn retirees holding an equivalent product, arguing they deserve the same protection.

APRA assessed 547 products in its 2026 review, with BUSSQ returning just 5.89 per cent in the year to June 30, far below the 9.5 per cent median for growth funds, largely due to heavy exposure to cash and fixed income. A further 11 trustee-directed products, including those from MLC, AMP and the Bendigo Superannuation Plan, also failed, with poor investment performance rather than high fees cited as the main cause. Separately, APRA revealed the top-performing growth funds, led by UniSuper Growth with a 12.3 per cent return, followed by NGS Super Diversified and CFS FirstChoice Growth at 11.5 per cent each.