smartMonday options delivered mostly positive outcomes for members over the quarter to 31 December, despite more mixed conditions in some markets. Diversification across asset classes helped smooth returns, and several smartMonday options continued to outperform the SuperRatings median over longer timeframes – highlighting the benefits of a longer-term approach. 

Growth assets such as international shares were the largest contributors to performance over the quarter, while defensive assets played an important stabilising role as interest rate expectations shifted.  

The table below shows smartMonday performance to 31 December 2025. One quarter doesn’t tell the whole story – especially for super, which is designed to support you over decades. Several smartMonday options have outperformed the SuperRatings median over medium and longer-term timeframes. 

Current returns for our pension investment options can be viewed here. 

Data source: SuperRatings Accumulation Fund Crediting Rate Survey. Performance shown net of investment fees and taxes, annualised performance shown for periods greater than 1 year. Past performance is not a guide to future performance. *Average smartMonday member is 43 years of age, as of December 2025

Despite a more mixed environment at times, 2025 finished on a generally constructive note for investors, shaped by changing interest rate expectations and ongoing enthusiasm around artificial intelligence (AI). Over the December quarter, global shares were the standout performer, supported by growing confidence that major central banks had finished raising interest rates, and were focusing on reducing or maintaining current interest levels. 

In the US, the Federal Reserve adopted a more dovish stance after modest rate cuts earlier in the year, signalling the potential for further easing despite lingering uncertainty around inflation and the labour market. Elsewhere, policy settings diverged. The Reserve Bank of Australia maintained a more cautious tone as inflation pressures persisted, while the European Central Bank and Bank of England held rates steady, suggesting their rate cutting cycles may be nearing completion. 

While markets experienced bouts of volatility, the second half of 2025 again rewarded investors who stayed focused on the long term. Importantly, returns were not limited to a single market or sector, with improving performance across regions highlighting the benefits of diversification. 

A defining feature of 2025 was the continued strength of global technology stocks, driven by rapid advances in AI and related innovation. While rapid developments in AI has contributed to periods of market volatility, the theme continues to support productivity growth and company earnings across a widening range of industries. 

Looking ahead, attention is shifting to how these technologies are adopted more broadly, beyond a narrow group of large companies. This evolution has the potential to support more balanced and sustainable returns over time, particularly for diversified investors. 

At the same time, investors remain mindful of risks, including elevated valuations and the possibility that inflation proves less predictable. For long-term investors, these conditions reinforce the importance of staying diversified and disciplined rather than relying on any single theme to drive outcomes. 

Closer to home, Australia’s economic backdrop remained relatively resilient through the quarter. The domestic share market detracted over the quarter, reflecting renewed inflation concerns and the potential for a diverging interest rate path compared to global peers. Australian bonds experienced headwinds as ongoing inflationary pressures increased expectations for potential interest rate rises, placing downward pressure on bond valuations. In contrast, cash and global income-focused investments remained stable and continued to deliver reliable returns.  

Despite these challenges, Australian shares delivered solid outcomes over the year as a whole, supported by company earnings and strength in sectors such as materials. Property and infrastructure assets also contributed positively, reinforcing the value of diversification within portfolios. 

We are living through a period of significant global change, with shifting economic power, evolving trade relationships and heightened geopolitical uncertainty. The surprise move by the US to detain Venezuelan President Nicolás Maduro injects fresh uncertainty into global markets. The impact on oil supply will depend on how Venezuela adapts to the transition of power. While these dynamics can lead to more market ups and downs, they do not automatically translate to weaker long-term investment outcomes. Markets will be watching closely, and so will our investments team, as part of our ongoing focus on managing risk and opportunity for members.   

Global growth is still expected to remain positive, supported by ongoing investment in areas such as AI, infrastructure and the energy transition. For smartMonday members, the key takeaway is that staying diversified and focused on long-term goals remains the smartest approach. 

Our investment strategy is designed to balance growth opportunities with careful risk management, helping keep your super well positioned through changing market conditions and the next phase of the investment cycle.