Investment update – 2023/24 financial year
Highlights
- All major asset classes generated positive returns over the past year despite concerns around high inflation, rising interest rates and ongoing major geo-political events
- International Shares returned 19.4%, while Australian shares added 11.9%
- Bond returns were more subdued, with Australian Bonds rising 3.7% and Global Bonds rising 2.1%
- Our investment plans delivered strong returns for members. The My GESB Super plan added 10.36% after fees and taxes, and the My West State Super plan returned 10.02% after fees
- Over the quarter, My GESB Super returned 0.90%; My West State Super returned 0.87%; and RI Allocated Pension Conservative returned 0.66%
Year in review – with Paul Taylor
‘Over the past 12 months our investment plans delivered strong returns for members, which has further strengthened our long-term performance and supported our purpose of helping our members save for a quality retirement.’
- Paul Taylor, Chief Investment Officer
Investment market returns: short and medium term
Although Australian Shares fell in the quarter, International and Australian Shares have performed well over the past one and three years. Bond and Listed Property returns have been positive in the one-year period, but negative over three years. Cash has generated modest but positive returns over all three time periods shown.
What were the main reasons for recent investment market returns?
- Strong returns from Information Technology companies
International Shares delivered positive returns in seven of the last eight months. US technology companies, particularly those that benefit from exposure to artificial intelligence, contributed significantly to the strong performance. Australian Shares also performed well, led by the information technology and financial sectors, despite headwinds from higher inflation and interest rates. - Moderating inflation and interest rate expectations
Most major central banks kept their official interest rates unchanged in the quarter. Some central banks, notably China and Europe, cut interest rates given subdued economic activity and cooling inflation. The US Federal Reserve kept its official cash rate unchanged and stated there has been ‘modest further progress’ towards its inflation objective. The Reserve Bank of Australia held rates steady at their June meeting but alluded to the possibility of rate rises this year. Market expectations are that interest rate cuts will start in 2025.
Investment market returns: long term
Over the longer term (10 years), investments such as Shares and Property have produced the highest returns but with greater variability. Cash has delivered low but most stable returns. This is illustrated in the chart below.
What does this mean for your super?
Performance of asset classes
The graph below shows the returns we achieved in a range of asset classes compared to the benchmark return over the three years to 30 June 2024.
As shown in the above graph, we have performed above benchmark in most asset classes over the past three years.
Performance of investment options
Investment returns over both the short and long term for some of our diversified plans are shown in the table below. You can also see the investment return history for all of our available plans.
| June quarter 2024 | 1 year | 3 years (p.a.) | 5 years (p.a.) | 10 years (p.a.) | |
|---|---|---|---|---|---|
| RI Allocated Pension Conservative plan1 | 0.66% | 7.03% | 2.32% | 3.05% | 4.05% |
| My West State Super plan3 | 0.87% | 10.02% | 4.12% | 5.54% | 6.43% |
| RI Allocated Pension Balanced plan1 | 0.62% | 9.61% | 4.16% | 5.44% | 6.37% |
| Transition to Retirement Pension Balanced plan2 | 0.75% | 8.71% | 4.01% | 5.01% | N/A |
| RI Term Allocated Pension Balanced plan1 | 0.57% | 9.43% | 4.00% | 5.28% | 6.07% |
| My GESB Super plan1 | 0.90% | 10.36% | 5.04% | 5.98% | 6.56% |
| West State Super Growth plan3 | 1.01% | 12.71% | 5.99% | 7.12% | 7.56% |
| Other investment plans | See the investment returns for all of our available plans | ||||
Returns greater than one year are annualised.
Despite market volatility in recent times, our diversified plans have delivered sound returns over all time periods.
My GESB Super plan again a top performer
Our My GESB Super plan has maintained its place as a top performing balanced option fund for the year 30 June 2024, following top 10 performance over 2023.
More information
- Try our Selecting your investment plan tool
- Find out more about investing with us
- See our super investment options or retirement investment options
- Download a PDF copy of our Investment update - 2023/24 financial year
Need help?
- Investment FAQs
- Find a personal financial adviser
- Call us on 13 43 72
1 Returns are reported net of fees and taxes.
2 Transition to Retirement Pension was incepted on 15 June 2017, so 10-year returns are not available. Returns are reported net of fees and taxes.
3 Returns are reported net of fees.
Indices: Australian Shares - S&P/ASX 300 Accumulation Index; International Shares - MSCI All Country World ex-Australia Index (partially hedged); Global Listed Property - FTSE EP/NAR DEV NET HDG AUD; Australian Bonds - Bloomberg AusBond Composite 0+ Yr Index; Global Bonds - Bloomberg Barclays Global-Aggregate ex-CNY Index Hedged AUD; Investment Grade Bonds – 50/50 composite of Australian and International Bonds; Cash - Bloomberg AusBond Bank Bill (BB) Index ; Listed Infrastructure - FT Dev Core Infr 50/50 Hdg; Medium Risk Alternatives - Bloomberg AusBond BB Index + 3.75%pa; Defensive Alternatives - Bloomberg AusBond Credit 0-3Yr Index.
Performance information should be used as a guide only, is of a general nature, and does not constitute legal, taxation, or personal financial advice. The performance of your investment plan is not guaranteed and returns may move up or down depending on factors such as investment market conditions. Past performance should not be relied on as an indication of future performance. In providing this information, we have not considered your personal circumstances including your objectives, financial situation or needs. We are not licensed to provide financial product advice. Before acting or relying on any of the information in this website, you should review your personal circumstances and assess whether the information is appropriate for you. You should read this information in conjunction with other relevant disclosure documents we have prepared and where necessary seek advice specific to your personal circumstances from a qualified financial adviser.
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 23 June 2026.