Australia's superannuation fund is on the roll with news of growth flooding the industry. Profits are returning and shares are on the upward trend.

Early market indications points to positive performance for all super fund this year. That is if the trend continues and barring another financial meltdown.

Industry experts are predicting that many funds are projecting at least 20 percent gains by the end of the financial year. Although overall industry growth remains uncertain.

Data released by research firm SuperRatings, showed that the average balanced fund has already posted a 14 percent rise during the last quarter. Growth option funds rose 16.4 percent with one more quarter left before the end of the fiscal year.

Jeff Bresnahan, managing director at SuperRatings said, "Assuming the trend continues, this would lead to an unprecedented five double-digit returns within the last seven years and be a substantial turnaround from losses of just 12 months ago."

Experts are alluding the massive improvement in performance to the strong sharemarket returns. Share prices jumped almost 26 percent in the last nine months leading to March 31, data showed.

The average balanced fund lost 12.8 percent in 2009 and 6.4 percent in 2008 at the height of the global financial crisis.

Super analyst Chant West forecasted a healthy full-year return for super funds this year. However, he downplayed against betting on too high results.

Warrant Chant, principal analyst at Chant West said that super fund members should expect high returns this financial year since the crash of the global financial systems in 2006 and 2007. But he also warned against another collapse in the global markets.

At the same time, Chant predicted that the upward trend in the listed markets, as well as share markets, would slow down in the coming months.