AustralianSuper is the largest investor in Whitehaven Coal as of 2026, holding a stake valued at more than $600 million. This position follows AustralianSuper's 2020 announcement that its investment portfolio would be subject to a net zero carbon emissions target, aligning with the Paris Agreement.

Whitehaven Coal operates six coal mines across New South Wales and Queensland. AustralianSuper manages $388 billion in assets and serves 3.7 million members. The fund also holds a share in Woodside Energy.

Geoff Warren, an associate professor at the Australian National University and research director at the Conexus Institute, commented on the investment. Warren stated, "not good optics" for Australia's largest super fund. He added, "I looked at that investment and thought, why did they do that?" Warren also said, "They must have thought the investment was sufficiently attractive that they were going to invest, and that is a signal to me that the fund is focused primarily on the investment case and overlooking broader climate-related risks."

An AustralianSuper spokesperson said the fund regularly reassesses its investments in the energy and resources sectors. The spokesperson commented that "the energy transition will not be linear." They also said, "We invested in Whitehaven because it provided an investment opportunity given its market valuation combined with an expanded and geographically diversified asset exposure to metallurgical coal, which is currently a key component of steel production for the global economy."

Naomi Hogan, head of engagement and sector strategy at the Australasian Centre for Corporate Responsibility, referenced the approach of some major super funds. Hogan said, "Some of Australia's major super funds have been quite passive in their approach to company stewardship, and there is a risk that this makes it harder for other funds to act strongly and publicly on climate." Brett Morgan, a senior analyst and campaigner at Market Forces, stated, "AustralianSuper has an abysmal voting record as an investor that demonstrates a failure to hold some of Australia's biggest polluters to account over the past five years." Morgan also said, "AustralianSuper supported Whitehaven Coal's plan for executive pay in 2025, which incentivises its chief executive to pursue coal growth at the expense of a stable retirement for super fund members." A Lonergan Research report, commissioned by Australian Ethical, found that four out of five Australians surveyed desired their superannuation to avoid social harms, including environmental damage. Alison George, chief impact and ethics officer at Australian Ethical, explained their investment strategy: "Companies like Whitehaven Coal and Woodside are excluded from our portfolios because their main business is fossil fuels and the extraction of coal, oil or gas."