Market overview

The last month has seen continued improvement in economic prospects for a number of developed economies, most notably the US. The US economy outperformed expectations by growing at an annualised rate of 2.4% in the June quarter, taking growth over the year to 2.6%. This is likely faster than the ‘trend’ or ‘potential’ growth rate of the US economy, and comes despite around 500bps in interest rate rises since early 2022. Adding to this positive news was further evidence of cooling inflation in the US, with annual core CPI inflation falling further to 4.7% y/y in July, and close to 3% on a 3-month annualised basis. 

Investment performance

Asset allocation

The Strategic Asset Allocation (SAA) provides guidance for the portfolio allocation over the medium to long term (10+ years) and is reviewed annually. The SAA for all investment options can be found on the following pages:

The actual asset allocations at any point in time may differ from their respective targets due to market movements, cash flows and other activities.

Actual asset allocations are regularly monitored by the investment team and rebalanced back towards target, or in line with our views on opportunities and risks.

See below for the Growth (MySuper) option actual allocation.


Actual allocation 31/07/2023 Growth (MySuper)
Australian shares 22.19%
Global shares 25.46%
Emerging market shares 3.09%
Private equity 2.04%
Alternative growth 1.63%
Infrastructure 13.27%
Property 11.78%
Global credit 6.64%
Australian fixed interest 3.84%
Global fixed interest 3.01%
Cash 7.05%
Growth / defensive allocation split  70.26% / 29.75%

Note: Growth assets include Australian shares, global shares, emerging market shares, private equity, alternative growth, 50% of infrastructure, 50% of property and 50% of global credit. Defensive assets include cash, fixed interest, 50% of property, 50% of infrastructure and 50% of global credit.

Figures are subject to rounding. Actual asset allocation is current as at 31 July 2023. Asset classes are the building blocks of our investment options. We allocate different proportions to each asset class with the aim of meeting each option’s investment risk and return objective. By investing across a range of asset types, the risk of loss is reduced through diversification. For more information see asset classes.

We periodically review our investment strategy and believe that the Growth (MySuper) option is well positioned for growth over the medium to long term, while maintaining some defensive exposure. Cbus’ Pre-mixed investment options are broadly diversified across asset classes.


The information is about Cbus. It doesn’t take into account your specific needs, so you should look to your own financial position, objectives and requirements before making any financial decisions. Read the Cbus Product Disclosure Statement and the Target Market Determination to decide whether Cbus is right for you, or contact us for a copy.

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