I think an index fund should charge less than 0.5% MER ... and most of the ones I've found locally charge well over 1% 
CFS have an ASX200 retail index fund which charges 1.1% - too high in my opinion
Vanguard's ASX300 retail index fund charges 0.75% for the first $50,000, 0.5% for the next $50,000 and 0.35% for the balance over $100,000 ... which is a bit better
How about an ETF ? StreetTracks have their SPDR S&P/ASX 200 Fund which trades on the stock exchange. MER is about 0.286%p.a. I think.
This is not a recommendation for any of these funds - I haven't invested in them personally and can't comment on performance or otherwise. There are also other index funds out there which you should consider - this is just a couple of options to look at.
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Sim'
This is a general comment only and does not constitute advice. Before making financial decisions you should seek advice from a professional adviser, who can take into account your specific circumstances and investment goals.
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