Mid-year investment update 2025/26
March 11th, 2026
Large enough to perform, small enough to care.
First Super has started the 2025/26 financial year well, with solid results across our investment options. It’s a good mid-year checkpoint, and a reminder that super is built for steady, long-term investing.
Investment update
For the six months to 31 December 2025, our Balanced option returned 4.53% for super members and 4.82% for retirement members1. All investment options have delivered returns above their performance objectives so far this financial year.
| Investment option (super) | Investment returns from 1 July – 31 December 2025* |
| Balanced (Default) | 4.53% |
| Shares Plus | 5.79% |
| Growth | 5.24% |
| Conservative Balanced | 3.62% |
| Cash | 1.87% |
| Investment option (retirement) | Investment returns from 1 July – 31 December 2025* |
| Balanced (Default) | 4.82% |
| Shares Plus | 6.24% |
| Growth | 5.72% |
| Conservative Balanced | 4.01% |
| Cash | 2.20% |
*Past investment returns are not a indicator of future returns
What contributed to our returns
Cash returns remained solid during this period, with term deposits continuing to provide solid results. International shares and infrastructure were important drivers, with global shares, particularly in the US, outperforming Australian shares overall.
In the US, returns broadened as more sectors benefited from AI-related investment.
While Australian shares lagged and property wasn’t a major contributor, we are seeing signs of improvement. Bonds and credit investments also performed well and stayed in line with our expectations.
Looking ahead
While cash returns should remain steady for now, they are likely to increase if interest rates rise. Rising interest rates have become more likely with the continuing strength of the Australian economy and oil and gas price spikes due to heightened tensions in the Middle East. Share markets may continue to perform above long-term averages, though we expect to see more ups and downs as this cycle matures. However, the war in Iran could have a negative impact on share markets, but at this stage it is too early to say.
Late in 2025, we updated our investment mix for several options to increase exposure to growth assets like international shares. We are keeping a close eye on inflation, consumer demand and currency movements to ensure your savings stay on track.
We’re here to help
To find out more about your investments you can:
Log into your firstonline account to view your investments. See your balance on the dashboard and get more details on the ‘Your Account Estimate’ page.
Contact us to ask questions about your investments. Call us on 1300 360 988 or email us.
Make a financial advice appointment with our team. Advice about your First Super investment is covered by your membership so there’s no extra charge2.
- Past returns are not an indicator of future returns.
- First Super Financial Advisers are authorised representatives of Industry Fund Services Limited (ABN 54 007 016 195, AFSL 232514).
Issued by First Super Pty Ltd (ABN 42 053 498 472, AFSL 223988) as Trustee of First Super (ABN 56 286 625 181). This page contains general advice which has been prepared without taking into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and read the Product Disclosure Statement (PDS) before making any investment decisions. To obtain a copy of the PDS or Target Market Determination, please contact First Super on 1300 360 988 or visit our PDS and Publications page.