As of last night the ASX200 Total Return Index was down 13% for the 2008 Financial Year. S&P use an implied tax rate of 30% on dividends, super funds pay 15% tax, therefore from a Super Fund's perspective, the ASX200 Total Return would be down something in the order of 11.5 to 12%.
Still, the 5-10% number you quoted seems low, unless it includes investments *during* the Financial Year (remember that Super Funds have a constant stream of cash pouring in) and/or substantial cash balances within the *Diversified* fund.
