Investment update – September 2026 quarter
Highlights
- While share markets remained relatively resilient, bond markets faced pressure as investors became increasingly concerned about inflation, government borrowing and the outlook for interest rates
- Australian Shares and International Shares both rose 1.3%
- Global Bonds and Australian Bonds declined 2.9% and 1.5%, respectively
- My GESB Super returned 0.71%; My West State Super returned 0.13%; and RI Allocated Pension Conservative returned 0.01%
Five years as an ESG Leader
GESB has received the ESG Leader Award again in 2026, marking five consecutive years of recognition.
The Rainmaker ESG Leader Award is earned by Australia's best super funds that perform ESG principles to a high level, while having a track record of strong investment performance.
Learn more about our approach to responsible investing and how we integrate ESG into our everyday operations.
How did our investment options perform?
The table below shows investment returns across some of our diversified investment options over the short and long term. You can also see the investment return history for all of our available options.
Investment option returns
| September quarter 2026 | 1 year | 3 years (p.a.) | 5 years (p.a.) | 10 years (p.a.) | |
|---|---|---|---|---|---|
My GESB Super1 | 0.71% | 6.27% | 10.79% | 6.86% | 7.20% |
Transition to Retirement Pension Balanced option2 | 0.43% | 4.96% | 9.14% | 5.65% | - |
RI Allocated Pension Balanced option1 | 0.22% | 5.21% | 10.02% | 6.06% | 6.84% |
RI Term Allocated Pension Balanced option1 | 0.17% | 5.05% | 9.85% | 5.90% | 6.60% |
My West State Super3 | 0.13% | 5.88% | 10.45% | 6.20% | 6.99% |
RI Allocated Pension Conservative option1 | 0.01% | 3.86% | 7.15% | 4.09% | 4.35% |
West State Super Growth option3 | 0.64% | 7.88% | 13.24% | 8.32% | 8.51% |
Other investment options | |||||
Returns greater than one year are annualised.
Despite market volatility in recent times, our diversified options have delivered sound returns over all time periods.
The next section shows the performance of key asset classes to provide context for our returns.
How did asset classes perform?
International Shares and Australian Shares delivered positive quarterly returns, although International Shares recorded stronger gains over the one- and three-year periods. Global Listed Property, Australian Bonds, and Global Bonds declined over the quarter but remained positive over three years. Cash delivered positive returns across all periods shown.
What happened in markets this quarter?
- Share markets advanced amid geopolitical and economic uncertainty
International Shares delivered a modest gain of 1.3% over the quarter. Energy companies performed strongly as the ongoing conflict in the Middle East pushed oil prices higher. Technology stocks benefited from strong company earnings and continued enthusiasm for artificial intelligence. Utilities and industrials came under pressure as higher bond yields and borrowing costs made them less attractive to investors.
Australian Shares also returned 1.3%. Healthcare led gains, supported by optimism around medical innovation, while higher oil prices boosted energy companies. Technology and consumer-focused businesses faced headwinds as higher interest rates and cost-of-living pressures led consumers to spend less.
- Bond markets remained under pressure from rising yields
Global Bonds fell 2.9% as persistent inflation and interest rate increases by several major central banks pushed bond yields higher and prices lower. Concerns about government borrowing and the possibility of interest rates remaining higher for longer also put pressure on bond returns.
Australian Bonds were more resilient but still declined 1.5%. The Reserve Bank of Australia increased the cash rate to 4.6% in September as inflation remained elevated.
What's happening over the longer term?
Over the longer term (10 years), International Shares delivered the highest return, followed by Australian Shares. Shares delivered higher but more variable returns than Cash and Bonds, which delivered lower but more stable returns. This is illustrated in the chart below.
What does this mean for your super?
Performance of asset classes compared to benchmark returns
The graph below shows the returns we achieved in a range of asset classes compared to the benchmark returns over the three years to 30 September 2026.
We have performed above or in line with the benchmark for all asset classes over the past three years, which demonstrates the value added through our investment approach.
More information
- Try our Investment choice tool to find out which investment options could be right for you
- Find out more about how and what we invest in
- 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 26 October 2026.