Australian superannuation funds remain cautious about the AI-driven market surge, emphasising the importance of prudence despite strong recent returns and the sector’s influential role in boosting retirement savings.
Superannuation leaders are taking a cautious but not alarmist view of the artificial intelligence boom, arguing that the enthusiasm running through markets has not yet morphed into a full-blown bubble, even as they acknowledge the risks of stretched valuations and crowded trades.
The debate matters because the sector’s surge helped lift members’ retirement savings sharply over the past year. Several major funds reported returns of about 10 per cent for the year to 30 June, with overseas equities, particularly in the US, providing a major lift. Technology shares again played an outsised role, and fund managers say AI-related businesses have been among the biggest beneficiaries.
At AustralianSuper, which manages more than A$410 billion, chief investment officer Shaun Manuell said the fund was wary of exuberance but did not believe conditions had crossed into bubble territory. He described current conditions as “rational exuberance”, warning that markets would become more fragile if sentiment tipped into something less grounded. He said the danger would emerge if investors began paying prices that could only be justified by “completely unrealistic” assumptions about growth.
Manuell also pointed to high-profile market excitement around SpaceX as an example of how investors are increasingly treating certain AI-adjacent names as bellwethers for the wider theme. His point was not that the sector is necessarily overblown today, but that a reversal in AI sentiment could hit broader markets, given how dominant the theme has become.
MLC’s chief investment officer, Dan Farmer, struck a similar note. He said the fund did not regard the current environment as an AI bubble, but added that caution was warranted. Over the coming year, he expects investors to focus more intensely on the cost of deploying AI versus the efficiency gains it promises. For now, he said, the main risk is not a collapse in sentiment already under way, but the possibility that AI momentum stalls or fails to meet the lofty expectations embedded in share prices.
AMP’s chief investment officer, Anna Shelley, said the fund was comfortable with its exposure to AI through listed equities, although it was watching closely for concentration risks spreading beyond shares into areas such as private credit, property and infrastructure. She said the investment case for AI remained compelling, with benefits likely to flow across a broad range of sectors, not just pure technology names. In her view, the opportunity resembles earlier waves of innovation, with AI likely to support profitability across many industries and generate what she called the prospect of “super profits” in the most direct beneficiaries.
AMP’s own results underline how strongly the theme has already fed into superannuation returns. The fund said it delivered top-quartile returns above 11 per cent for most MySuper members for the financial year to 30 June 2026, with its default lifestage options producing gains of 11.3 per cent and 11.2 per cent in the main cohorts. That followed double-digit calendar-year returns in 2025 and strong results in 2024, when the same portfolios also benefited from heavy exposure to global equities and themes such as AI adoption.
MLC’s published MySuper performance figures for the same period show a growth portfolio return of 9.9 per cent for the year, while more conservative portfolios produced lower but still positive gains. Across the sector, the message from investment chiefs is broadly the same: AI has become too important to ignore, but its rise is not being treated as risk-free.
- https://www.brisbanetimes.com.au/business/banking-and-finance/could-be-a-risk-ai-craze-fuels-double-digit-return-for-super-funds-20260703-p60cb3.html?ref=rss&utm_medium=rss&utm_source=rss_feed – Please view link – unable to able to access data
- https://www.amp.com.au/about-amp/news/2026/july/AMP-Super-delivers-double-digit-returns-for-the-3rd-year-running- – AMP Super has reported top quartile returns exceeding 11% for the majority of its MySuper members for the financial year ending 30 June 2026. Members invested in AMP’s default MySuper 1970s and 1990s Lifestage investments received returns of 11.3%, while those in the 1980s option saw returns of 11.2%. Approximately 80% of MySuper members are invested in these options, with the 1970s option being the largest by assets under management. The Future Directions High Growth choice option delivered returns of 12.1%. This marks the third consecutive year that AMP Super has delivered returns in excess of 11% for its members.
- https://www.amp.com.au/about-amp/news/2026/january/amp-delivers-double-digit-returns-for-mysuper-members – AMP Super has delivered returns up to 11% for its MySuper members for the calendar year ending 31 December 2025. Members invested in AMP’s MySuper 1970s, 1980s, and 1990s Lifestage options received returns of 10.8%, 11%, and 10.9% respectively. More than 80% of AMP Super members are invested in these options, with the 1970s option being the largest by assets under management. The portfolios have benefited from nimble navigation of market volatility, a lifestage approach to strategic asset allocation, and deliberate exposure to international equities. Members also continued to benefit from AMP’s dynamic asset allocation program, which aims to provide smoother investment returns by actively adjusting the mix of asset classes in response to market conditions.
- https://www.mlc.com.au/personal/superannuation/products/mysuper – MLC MySuper offers a range of investment portfolios tailored to different risk profiles and investment horizons. As of 30 June 2026, the MySuper Growth Portfolio achieved a one-year return of 9.9%, with annualised returns of 9.9% over three years, 7.2% over five years, and 7.9% over ten years. The MySuper Conservative Balanced Portfolio delivered a one-year return of 8.0%, with annualised returns of 8.1% over three years and 5.4% over five years. The MySuper Cash Portfolio provided a one-year return of 3.4%, with annualised returns of 3.7% over three years and 2.7% over five years. Past performance is not a reliable indicator of future performance, and the value of an investment may rise or fall with changes in the market.
- https://www.amp.com.au/about-amp/news/2024/july/amp-delivers-returns-in-excess-of-11-per-cent-for-mysuper-members – AMP has delivered a return of 11.14% for members of its AMP MySuper 1970s superannuation fund option for the financial year ending 30 June 2024. One of AMP’s Lifestage MySuper offerings, the 1970s option currently uses a high-growth asset allocation and is the largest by funds under management. Those AMP MySuper members born in the 1980s and 1990s who are earlier in their glide path and also have a high growth asset allocation benefited from returns of 11.31% for the financial year. A high allocation to global listed equities, together with positive active asset allocation and security selection from several of our underlying managers helped drive strong returns for members across the cohorts, with the funds benefiting from positioning for market themes like the strong surge in AI adoption across both the US and global markets.
- https://www.amp.com.au/about-amp/news/2025/january/amp-delivers-returns-in-excess-of-15-per-cent-for-mysuper-members – AMP has delivered a return of 15% for members of its AMP MySuper 1970s, 1980s, and 1990s superannuation fund options for the 2024 year. Part of AMP’s Lifestage MySuper offers, the 1970s option currently uses a high-growth asset allocation and is the largest by funds under management. Those AMP MySuper members born in the 1980s and 1990s who are earlier in their working lifetime, and also have a high growth asset allocation, benefited from returns of over 15.2% and 15.1% respectively for the 2024 calendar year. AMP MySuper members born in the 1960s and 1950s who are currently in the lead-up to retirement or in retirement and have a lower growth allocation, also continued to see strong returns, with the funds reaching 11.5% and 9.8% respectively.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on 3 July 2026. Similar reports on superannuation funds’ returns amid the AI boom have appeared recently, such as on 5 July 2026 in Yahoo Finance ([au.finance.yahoo.com](https://au.finance.yahoo.com/news/superannuation-funds-deliver-double-digit-returns-for-aussies-amid-ai-boom-tremendous-result-024103253.html/?utm_source=openai)) and on 6 July 2026 in AdviserVoice ([adviservoice.com.au](https://www.adviservoice.com.au/2026/07/amp-super-delivers-double-digit-returns-for-the-3rd-year-running/?utm_source=openai)). The content appears original, but the rapid emergence of similar reports suggests a need for caution regarding freshness.
Quotes check
Score:
7
Notes:
Direct quotes from AMP’s Chief Investment Officer Anna Shelley and AustralianSuper’s Chief Investment Officer Shaun Manuell are included. However, these quotes are also present in other recent articles, indicating potential reuse. The exact earliest usage of these quotes is unclear, raising concerns about originality.
Source reliability
Score:
8
Notes:
The Brisbane Times is a reputable Australian news outlet. However, the article’s reliance on quotes from company executives may introduce bias. The presence of similar content across multiple sources suggests potential aggregation from a common press release or event, which could affect the independence of the reporting.
Plausibility check
Score:
9
Notes:
The claims about superannuation funds delivering double-digit returns due to the AI boom are plausible and align with recent market trends. Similar reports have been published, indicating consistency. However, the rapid emergence of similar reports suggests a need for caution regarding originality.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents plausible claims about superannuation funds’ returns amid the AI boom, supported by quotes from company executives. However, the rapid emergence of similar reports and potential reuse of quotes raise concerns about originality and freshness. The reliance on company executives’ statements without independent verification further affects the independence of the reporting. Given these factors, the overall confidence in the article’s accuracy is medium.