Investment update – December 2024 quarter

Highlights

  • International Shares, supported by a resilient US economy, generated a strong 6.1% return while most other major asset class returns fell
  • Australian Shares declined 0.8%, Australian Bonds fell 0.3% and Global Bonds dropped 1.7%
  • My GESB Super returned 2.10% and My West State Super returned 2.07%
  • RI Allocated Pension Conservative returned 1.08%

Investment market returns: short and medium term

International Shares performed well over all three time periods shown below. Australian Shares were negative over the quarter but performed well over one and three years. Global Listed Property and Bond returns were negative over the quarter and three-year period but positive over one-year periods. Cash has generated modest but positive returns over all three time periods shown.

What were the main reasons for recent investment market returns?

  • International Shares returns driven by resilient U.S. economy
    Expectations of expansionary fiscal policies and a domestically oriented trade agenda supported International Share returns. Gains were primarily driven by the consumer discretionary, telecommunication services and information technology sectors including strong performance from several ‘Magnificent Seven’ stocks.
  • Australian Shares decline on economic headwinds
    Australian Shares faced headwinds during the quarter due to weaker than expected domestic economic data and a sluggish economic recovery in China. Additionally, concerns over potential US tariffs on China, which in turn could affect Australia’s economy, also weighed on Australian Share returns.
  • Rising Bond yields
    The US Federal Reserve delivered a third rate cut in December, lowering the federal funds rate range to between 4.25% and 4.50%. However, markets were focused on Federal Reserve projections in December, which forecasted a stronger US economy and projected only 0.5% of cuts in 2025 (down from 1% in September) owing to potentially inflationary policies from the incoming US administration. This caused Bond yields to rise, resulting in negative Bond and Global Listed Property returns.

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 lower but more 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 31 December 2024.

As shown in the above graph, we have performed above benchmark in most asset classes over the past three years.

Performance of investment plans

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.

Investment plan returns

Investment plan returns
December quarter 2024 1 year 3 years 5 years 10 years

RI Allocated Pension Conservative plan1

1.08%

7.31%

3.03%

3.37%

4.10%

My West State Super3

2.07%

11.51%

4.54%

5.80%

6.47%

RI Allocated Pension Balanced plan1

1.58%

10.68%

4.61%

5.71%

6.42%

Transition to Retirement Pension Balanced plan2

1.57%

9.80%

4.28%

5.25%

-

RI Term Allocated Pension Balanced plan1

1.54%

10.50%

4.45%

5.56%

6.13%

My GESB Super1

2.10%

11.94%

5.31%

6.26%

6.64%

West State Super Growth plan3

2.92%

15.12%

6.29%

7.51%

7.69%

Other investment plans

See the investment returns for all 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.

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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.

Page last updated 08 May 2025

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.