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Finance Investment, Women

HESTA’s MySuper Balanced Growth secures impressive 9.10% return, helping to improve the retirement readiness of members

HESTA 3 mins read
HESTA CEO Debby Blakey.

2 July 2024

 

HESTA’s MySuper Balanced Growth option has once again demonstrated strong performance for its members, achieving an impressive 9.10 per cent return for the financial year ending 30 June 2024.[1]

Over the past decade, from 1 July 2014 to 30 June 2024, HESTA’s MySuper Balanced Growth has averaged an annual return of 7.62 per cent per annum.

“Despite ongoing uncertainty in financial markets and cost-of-living pressures for many of our members, we’ve continued to build on the strong long-term investment performance we’ve delivered for members,” HESTA CEO Debby Blakey said.

“This continues to show how our world-leading retirement system delivers fantastic results for millions of working Australians.”

As the default investment choice for the majority of HESTA’s over 1 million members, MySuper Balanced Growth continues to deliver substantial long-term growth, ranking in the top quartile over 3, 5, 7 and 10 years.[2]

Ms Blakey said for members in retirement strong long-term investment performance would also help maintain their savings as they drew an income stream.

“It was fantastic to see that our Income Stream Balanced Growth option returned 10.16% for the financial year ending 30 June 2024, and has delivered 8.13% over the past 10 years.”

HESTA measures its members' retirement readiness using the ASFA Retirement Standard, with the aim of shifting members from a ‘modest’ to a more ‘comfortable’ retirement.

“For many of our members, their superannuation will supplement the income they receive from the age pension,” Ms Blakey said.

“Strong long-term investment returns can make a difference for many of our members, helping them to enjoy the retirement they deserve after spending their working lives helping others.”

Since the Fund started measuring its members’ retirement readiness in late 2016, it has shifted an extra 187,645[3] members towards a more ‘comfortable’ retirement as outlined in the ASFA Retirement Standard[4].

“Members understanding that they are on track to be ready for retirement is helping them to continue to make smart financial decisions as they feel empowered to face the future with confidence,” Ms Blakey said.

Several of HESTA’s diversified investment options posted impressive results for the financial year.

  • The High Growth option yielded an 11.91% return.
  • Indexed Balanced Growth achieved 11.86%.
  • Income Stream High Growth returned 12.70%.
  • Income Steam Indexed Balanced Growth achieved 13.11%.

 

HESTA’s Chief Investment Officer, Sonya Sawtell-Rickson, said the strong returns reflected resilience in public financial markets, even as interest rates remained above 4 per cent over the financial year.

However, she warned that recession triggers remain live in Australia and many other developed countries.

“It is the long-term performance, year in and year out, that matters for our members and HESTA has a long and proud history of delivering competitive returns,” Ms Sawtell-Rickson said.

“Challenges for investors include persisting market volatility and the relatively high valuations in many markets around the world. However, we’re still seeing investment opportunities in the climate transition, governments pushing to diversify supply chains, and the potential productivity benefits from the adoption of AI.

“We remain focused on continuing to be nimble, including ensuring we have liquidity available if opportunities present.”

For more detailed information on the performance of HESTA’s investment options, visit hesta.com.au/members/investments/super-performance.



[1] Annual return for the period to 30 June 2024. Past performance is not a reliable indicator of future performance.

[2] As measured by ratings agency SuperRatings Pty Ltd – a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd AFSL No. 421445. SR50 Balanced Index to 31 May 2024. Product ratings and awards are only one factor to be considered when making a decision. See hesta.com.au/ratings for more information.

[3] As at 30 April 2024.

[4] The ASFA Retirement Standard defines savings required to achieve a modest or a comfortable retirement lifestyle based on a breakdown of expenses for couples and singles.

 

About HESTA

 

HESTA is one of the largest superannuation funds dedicated to Australia’s health and community services sector. An industry fund that’s run only to benefit members, HESTA now has more than one million members (around 80% of whom are women) and currently manages approximately $84 billion* in assets invested around the world.

 

*Information is current as at the date of issue. 

 

 

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