Investment update – March 2026 quarter
Highlights
- Risk sentiment weakened during the March quarter as geopolitical escalation, higher energy prices and expectations that interest rates would stay higher for longer weighed on equities and bonds
- International Shares fell 4.3%, while Australian Shares declined 2.0%
- Global Bonds and Australian Bonds recorded slight declines of 0.4% and 0.3%, respectively
- My GESB Super returned -1.92% and My West State Super returned -1.80%
- RI Allocated Pension Conservative returned -0.63%
Investment market returns: short and medium term
Global Listed Property and Cash were the main asset classes to deliver positive returns for the quarter. Australian Shares and International Shares were negative for the quarter but performed strongly over the one-year and three-year periods. Global Bonds and Australian Bonds were somewhat flat over the quarter but continue to perform modestly over the one-year and three-year periods.
What were the main reasons for recent investment market returns?
- Geopolitical tensions and higher energy prices While share markets were already in decline, the strikes on Iran on 28 February triggered a further sell-off in March. The subsequent restriction on shipping through the Strait of Hormuz pushed the oil price sharply higher to reach almost $120 per barrel.
- Inflation concerns and potential interest rate rises Global bond markets were negatively impacted as concerns about inflation led investors to expect interest rates to remain higher for longer. This was a sharp reversal from early 2026, when markets had expected multiple rate cuts. Despite signs of slowing economic growth, central banks kept interest rates steady as inflationary pressures remained elevated.
- Higher Australian interest rates
In Australia, the Reserve Bank raised the official cash rate to 4.10% in March, reflecting ongoing challenges in reducing inflation, even as the job market began to soften. Australian share markets were also affected by the impact of higher interest rates and weaker global risk sentiment.
Investment market returns: long term
Over the longer term (10 years), Shares have produced the highest returns but with greater variability. Cash and Bonds have 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 2026.
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 our available plans.
Investment plan returns
| March quarter 2026 | 1 year | 3 years (p.a.) | 5 years (p.a.) | 10 years (p.a.) | |
|---|---|---|---|---|---|
RI Allocated Pension Conservative plan1 | -0.63% | 5.75% | 6.09% | 4.00% | 4.39% |
Transition to Retirement Pension Balanced plan2 | -1.49% | 7.12% | 7.52% | 5.72% | - |
RI Allocated Pension Balanced plan1 | -1.74% | 7.84% | 8.21% | 6.13% | 6.76% |
RI Term Allocated Pension Balanced plan1 | -1.78% | 7.69% | 8.04% | 5.97% | 6.51% |
My West State Super3 | -1.80% | 8.01% | 8.57% | 6.17% | 6.84% |
My GESB Super1 | -1.92% | 8.37% | 8.89% | 6.78% | 6.98% |
West State Super Growth plan3 | -2.62% | 10.03% | 10.79% | 8.01% | 8.13% |
Other investment 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.
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
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.