Strategic Asset Allocation (SAA) and growth/defensive split changes
We made changes to the SAA and Growth/Defensive split on 1 October 2025. All changes are bolded with the previous values in brackets.
| Asset Classes | % |
| Australian Shares | 10 |
| Global Shares | 17 (12) |
| Private Equity | 1 |
| Property | 4 |
| Infrastructure | 5 |
| Alternatives | 1 |
| Fixed income – credit | 13 (12) |
| Fixed income – diversified | 29 (33) |
| Cash | 20 (22) |
| Growth | 40 (37) |
| Defensive | 60 (63) |
Change to Standard Risk Measure (SRM)
SRM is based on industry guidance and is an estimate of the number of negative annual returns an investment option may experience over any 20-year period. The SRM is used to help members compare investment risk across investment options. The table below outlines the change we made on 1 October 2025.
| Before 1/10/2025 | Effective 1/10/2025 |
Low to Medium (3) Estimate of 1 to 2 negative annual returns in any 20 year period |
Medium (4) Estimate of 2 to 3 negative annual returns in any 20 year period |