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Key Points Australian election campaigns tend to see uncertainty driving weak gains for shares, followed by a bounce. Labor is offering more of the same whereas the Coalition is offering smaller government albeit without much detail. A hung parliament & minority government is the biggest...
Key Points CoreLogic data shows average home prices rose 0.3% in February, after a brief three-month downturn of just 0.4%. The upswing came in anticipation of, and then confirmation of, an RBA rate cut which boosted buyer confidence. Annual growth in rents slowed to 4.1%yoy,...
Key Points So far shares have been relatively resilient but uncertainties are mounting particularly around Trump’s policies. We remain upbeat on a 12-month view but expect a rougher more constrained ride this year for shares, with a 15% plus correction likely somewhere along the way. ...
Key Points As widely expected, the RBA cut its cash rate to 4.1% from 4.35% after 13 rate hikes reflecting “more confidence that inflation is moving sustainably towards” the 2-3% target. However, the RBA noted that it is “cautious on prospects for further policy easing”. ...
Key Points Trump’s tariff war has potentially another 6-9 months to go at least. This poses an ongoing threat to shares, but their relative resilience so far risks emboldening Trump to do even more. Even if Australian exports are not exempted from US tariffs the...
Key Points US President Trump has announced tariffs on Canada, Mexico and China and is threatening more tariffs. The one-month delay to tariffs with Canada & Mexico is a sign they may be averted, but the uncertainty with more tariffs likely means a volatile ride...
Key Points The $A has been hit since September by the return of Trump, a hawkish pivot by the Fed versus the RBA and concerns about the outlook for iron ore prices. We doubt the fall is significant enough to boost inflation much and shouldn’t...
Key Points 2024 was another strong year for investors with shares up strongly on the back of better than feared growth & profits and global central banks cutting rates. Volatility was low and balanced growth super funds returned around 11%. 2025 is likely to see...
Key Points Falling real wages and a surge in tax and interest payments have led to a slump in Australian living standards. But a broader driver of the malaise in living standards has been a slump in productivity growth from over 2% pa in the...
Key Points The key themes for 2024 were: better than feared growth; global divergence; more disinflation; falling interest rates but with Australia lagging; and more geopolitical threats but not as bad as feared. As in 2023, returns were strong. 2025 is likely to see positive...
