The data for January 2024 shows that industry super funds had only a 1.7 per cent increase in customer satisfaction since its low point in July 2023.

Michelle Levine, CEO of Roy Morgan, said the improvement in customer satisfaction since July 2023 has been driven by increases in SMSFs, which had the highest customer satisfaction of any category.

“The increase in customer satisfaction over the last six months has been powered by a record-setting ASX200. The stock index closed at a record high of 7,680.7 at the end of January and has continued to increase over recent weeks – recently closing above 7,700 points for the first time,” Levine said.

“Even more impressively, the ASX200 has increased by over 1,300 points (+20.4 per cent) since hitting a recent low of 6,433.4 just over 18 months ago on June 20, 2022, in a period of rising interest rates.”

Despite hitting a low point in July 2023, super satisfaction with financial performance is still significantly higher than the long-term average of 58.3 per cent from 2007–2024 and higher than at any time before the pandemic years of 2021–22 when the measure was at record highs.

Overall customer satisfaction for public sector funds is up by 0.9 per cent points from six months ago to 72.1 per cent. Customer satisfaction for retail funds is virtually unchanged and up by only 0.4 percentage points to 60 per cent and once again the lowest customer satisfaction of any of the four categories.