The best way to invest my $?

[saving91]

Need some suggestions...
i'm 22, have just hit $80k savings.
I'm australian, with Westpac bank, and my money is just sitting in a Reward Saver account..
What should i be doing to best invest my money?

[cardtrick]

80K shouldn't be sitting in a savings account. If you're completely clueless about investing, just stick the money in a lost cost index fund. Lucky for you, Vanguard has operations in your country.
The expense ratio on the ASX 300 ETF is 0.15% per year, which is cheap.

https://www.vanguardinvestments.com.au/retail/ret/investments/etfs.jsp#etfstab

[snafu]

1st...Do you participate in a tax advantaged, employer administered retirement plan? If so, you need to know the details, fees and any match from [free money] your employer? You need to know your current holdings so that new investments compliment existing holdings.

If not, I suggest researching low fee/no fee, self administered retirement plans; contributions are likely tax advantaged. With that information, check whether OZ offers Tax Advantaged Savings Account of some type that keeps income or capital gains from being added to salary for taxes.

I too like Vanguard's low fee accounts. There is an initial minimum contribution and minimums when adding contributions. All the Mutual Fund representatives are sales staff whose income relies on commission - whatever term they apply. You need to look for the combination of no load [fee to buy], low fees calledMER, [Management Expense Ratio] and high rating compared to the other companies in the same segment.

I'm guessing you get Morning Star investment rating system to compare companies. It's likely on-line and it's free.

Probably more than you're asking...hard to know cultural differences...