The chief investment officers of Australia’s biggest super funds are expecting only single-digit returns from the domestic sharemarket over the next decade, as they warn the past year’s economic pain is not yet over for the ASX.

The CIOs did not anticipate a local recession, but said that an inevitable US recession, stubbornly high inflation and the after-effects of March’s global banking collapses meant that there may be further lows for the Australian economy this year.