Actually, a typical 'Balanced' Option in most superannuation funds has anywhere between 50-80% invested in growth assets, with the remaining 20-50% invested in defensive assets. Remember, a balanced option is often the default option in a fund, and is designed for a reasonably long-term investment time horizon of 5 years or more, so will usually be aiming to achieve returns that exceed inflation by 3 or 4% a year (CPI + 3-4% p.a).
For example, the Balanced Option of the largest super fund in the country, AustralianSuper, as at July 2021 had about 60% in Aus/overseas shares, 20% across property, private equity and infrastructure (all of which I'd consider growth investments though arguably infrastructure exhibits both growth and defensive characteristics) and the remainder in fixed interest, credit and cash.
