The median balance option is estimated to have contracted by 0.8 per cent in February, however Australians are being urged to take a long-term view when it comes to their superannuation as global uncertainties continue to impact investment markets.

“There is a lot of uncertainty across the globe, which is amplifying ups and downs across investment markets,” said Kirby Rappell, executive director of SuperRatings, in a recent market update.

“The latest supply shock following the war between Russia and the Ukraine places further pressure on the cost of living and inflation levels and adds to the likelihood interest rate rises are approaching,” Mr Rappell explained.

The median growth option is down an estimated 1.1 per cent, while the capital stable option, which includes more defensive assets like bonds and cash, has fared relatively better, falling only 0.6 per cent.

But despite these recent dips, Mr Rappell believes patience is key across all age groups, including those approaching retirement.  

“While the latest global events are extremely concerning, most members are decades away from retirement. This means they have time to recover from any volatility incurred in the short-term," he said.

“We encourage people to speak to their fund or financial adviser before making any changes to their superannuation," Mr Rappell advised.

“Knee-jerk reactions could lead to poor outcomes if these aren’t in line with your long-term financial goals.”

He emphasised that while negative performance has persisted over the month, “the longer-term picture remains positive”.