Investment update – March 2025 quarter
Highlights
- While US tariff announcements impacted financial markets during the March 2025 quarter, European share markets performed strongly and Australian Bonds and Global Bonds both returned 1.3%.
- RI Allocated Pension Conservative returned 0.8%
Investment market returns: short and medium term
International and Australian Shares returns were negative over the quarter but performed well over one and three-year periods. Global Listed Property and Global Bond returns were positive over the quarter and one-year period but negative over three-year periods. Australian Bond and Cash returns were positive over all three-periods shown below.
Reasons for recent investment market returns
- US and Australian share markets decline on tariff announcements
US tariffs on steel, aluminium and automotives were announced by President Trump in March with uncertainty surrounding additional measures and potential escalations. The tariff announcements also raised concerns around escalating stagflation risks in the US, where early signs of slowing economic growth are emerging.
- European share markets advance
European shares performed strongly, lifted by accommodating fiscal and monetary policies. The European Central Bank cut interest rates again, by 25 basis points to 2.5%, while European Union policymakers pledged to increased defence spending.
- Falling bond yields
Bond markets were positive over the quarter with Australian and Global bonds both rising by 1.3%. Concerns around slowing US economic growth and weaker employment data in Australia resulted in bond yields falling (meaning bond prices rose). The Reserve Bank of Australia (RBA) kept the cash rate target unchanged at 4.1% at its latest meeting. The RBA’s post meeting commentary welcomed the decline in underlying inflation but remained cautious on risks to global economic growth as geopolitical risks remained heightened.
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 March 2025.
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 our available plans.
Investment plan returns
| March quarter 2025 | 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|---|
RI Allocated Pension Conservative plan1 | 0.76% | 5.57% | 4.06% | 4.80% | 3.85% |
My West State Super3 | 0.09% | 6.73% | 5.54% | 8.47% | 5.95% |
RI Allocated Pension Balanced plan1 | 0.07% | 6.30% | 5.34% | 8.55% | 5.87% |
Transition to Retirement Pension Balanced plan2 | 0.24% | 6.06% | 4.95% | 7.75% | - |
RI Term Allocated Pension Balanced plan1 | 0.02% | 6.12% | 5.18% | 8.39% | 5.59% |
My GESB Super1 | -0.08% | 6.63% | 5.81% | 9.01% | 6.04% |
West State Super Growth plan3 | -0.55% | 7.55% | 6.99% | 10.67% | 6.99% |
Other investment plans | |||||
Returns greater than one year are annualised.
Despite market volatility in recent times, our diversified plans have delivered sound returns.
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 printable copy of our Investment update - March 2025 quarter
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.