Vanguard announced it will lower fees on a number of its most popular funds and ETFs from the start of July.
The fee reductions include the Vanguard Australian Shares Index Fund, which is one of Vanguard's largest funds with more than $15 billion in funds under management.
It will see a fee reduction of two basis points, to 0.16% per annum.
Vanguard has also reduced fees on its Australian Shares High Yield Index Fund by three basis points - moving it to 0.35%.
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The Vanguard Australian Government Bond Index Fund will see the largest reduction of five basis points, moving to 0.24% a year.
The Vanguard Australian Shares Index ETF is the second largest ETF on the Australian share market and will now see a fee reduction of four basis points - that brings the revised management fee for the ETF to 0.10% per annum.
According to Rainmaker data the SPDR 200 Fund was the largest ETF in Australia by funds under management at the end of March - with a total of $3.57 billion.
The Vanguard Australian Shares Index ETF had $3.45 billion in FUM at the end of March.
These new fee reductions follow two price drops implemented earlier this year for Vanguard's US Total Market Shares Index ETF and All-World ex-US Shares Index ETF.
Vanguard said the ongoing fee reductions highlight how investors benefit from Vanguard's scale and international funds - as well as the mutual ownership structure in the US.
Commenting, Vanguard head of product and marketing Evan Reedman said: "Vanguard takes a lot of pride in being able to pass along the benefits of increasing scale in our funds and driving costs down over time for our investors, it is in the DNA of our organisation and it is something we will continue to focus on across our full product suite."
"We welcome recent announcements from other product issuers who are also moving to lower costs, as it is one of the most controllable aspects of investing. While some issuers may offer lower prices on select products, Vanguard is committed to delivering high value and low cost across our broad range."
However, Reedman went on to explain that while investors should pay close attention to costs - it shouldn't be the only reason they choose an investment fund.
"When it comes to evaluating one fund or ETF over another, there are three main criteria investors should consider - coverage, total cost and track record," Reedman said.
The fund manager said the move is in keeping with a long-term commitment to deliver high-value investments.