The factors responsible for yield progress can be analysed through yield determinant frameworks. These conceptual models consider factors such as crop growth dynamics, partitioning of vegetative and reproductive biomass and yield components to provide insights into the factors responsible for observed genetic gains and opportunities for future gains. The aim of this study was to use direct cultivar comparison to assess the rate of genetic gain in the CSIRO (Australia) cotton breeding program, and to understand how factors within a conceptual yield determinant framework relate to yield performance. Using field experimentation, yield progress of 16.1 kg lint ha−1 y−1 was observed in ten cultivars released between 1968 and 2012. This study identified that selection pressure has resulted in improvements in total dry matter (TDM), harvest index (HI), lint percentage and carbon assimilation. While gains have been made in these four parameters, improvements in lint yield have largely been driven by altering HI through increasing lint percentage. Although improvements have been made in TDM, the reproductive allocation of total biomass and the amount and efficiency of light capture has not been altered in modern cultivars. Future gains in lint yield will require the concurrent maintenance of harvest index while producing larger plants with more fruiting branches that capture more incident radiation with increased efficiency. As the collection of phenotype data such as biomass, boll number, boll size and radiation use efficiency at the scale required in a commercial breeding program is largely aspirational, we conclude in the short term improvements may be achieved through direct selection for yield. Future efforts should be placed in increasing early season growth rates, and in the longer term enhancing carbon assimilation rates. Importantly, due to trait associations and the effects of trade-offs between functional components, factors within a conceptual framework must not be considered in isolation.