Our quarterly performance results (as of 31 December 2024)

Supported by solid economic growth, easing inflation, and interest rate cuts from most central banks, share markets performed strongly in 2024. This helped almost all our investment options deliver positive returns for the first half of the 2024-25 financial year. 

Short-term returns

Our MySuper Balanced option, where most members are invested, delivered returns of 1.7% over the December 2024 quarter and 9.6% for the calendar year to 31 December 2024. 

Our Retirement Income Balanced option matched this strong performance, returning 1.6% and 9.6%, respectively, over the same time periods. 
To see the performance of all our options visit, Our performance.

Long-term returns

While short-term gains are always pleasing, these results reinforce our strong long-term performance. 
Over the last 10 years, our Balanced (MySuper) option has delivered an average annual return of 7.6%, while our Retirement Income Balanced option achieved an average annual return of 8.1%. This ranks us amongst the top 10 balanced options over 10 years to 31 December 2024.¹

Performance as at 31 December 2024

Returns are net of investment fees and tax.

Market drivers

2024 saw strong equity gains, driven by a resilient economy and easing inflation. Investors were encouraged by robust US economic performance, healthy corporate earnings, and AI’s potential to boost productivity.

Our Overseas Shares option excelled, fuelled by the US market and tech stocks. US markets rose 25.7%, with the Magnificent 7² up 51.5%. Nvidia, a key player in AI chip technology, soared 171%!

The Australian share market gained 11%, led by major banks like CBA, up 37%. However, it lagged other developed markets due to lower growth and persistent inflation. The cost-of-living crisis weighed on business and consumer confidence, keeping corporate earnings flat.
Fixed interest markets posted positive returns despite volatility, as investors assessed central bank rate cuts. Credit provided solid returns, with higher interest rates benefiting investors. Meanwhile, property markets struggled amid rising rates.

Looking forward

The global economy is poised to perform well in 2025, with growth forecast to remain above trend, inflation slowly falling, and many central banks continuing to lower rates.

On 18 February 2025, the RBA cut Australia’s official cash rate from 4.35 per cent (where it had been since November 2023) to 4.10 per cent, offering relief to households and businesses. Meanwhile, China’s aggressive stimulus efforts should stabilise the economy and aid its overleveraged property sector.

That said, there are considerable risks to this outlook. 

President Trump’s administration has pursued an aggressive agenda to recalibrate global trade through tariffs and other measures to reduce the fiscal deficit. Combined with increased domestic spending and deportations, this could be negative for financial markets and the global economy.

Meanwhile, China’s Deep Seek, a free AI chatbot rivalling US models at lower costs, threatens the US tech sector, where high-valued stocks have driven equity outperformance.

Learn more about how our investment philosophy is helping to boost your returns. 

This article was updated on 4 March 2025. First published on 14 February 2025.