Category Archives: Market Updates


Opportunities and challenges: the sharing accommodation economy

14

Feb 2017

Opportunities and challenges: the sharing accommodation economy

In September of 2016, Airbnb raised US$850 million in new equity, valuing the company at US$30 billion dollars and subsequently crowning it the most valuable lodging provider in the world without owning a single room. It is a particularly 21st century phenomenon that a company that started eight years ago, with no tangible product of its own, can overtake some of the most storied and…

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Is gender fairness a secret to investment outperformance?

14

Feb 2017

Is gender fairness a secret to investment outperformance?

I recently had an ‘a-ha’ moment. I was sitting in yet another room full of women talking about the importance of gender diversity. It dawned on me that we’ve talked about diversity for so long that we’ve become dulled to the issue. We’ve heard the arguments so many times that we’ve stopped listening. Advisers might have a similar numbed response: what has gender diversity got…

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February 2017 Statement by Philip Lowe, Governor: Monetary Policy Decision

07

Feb 2017

February 2017 Statement by Philip Lowe, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. Conditions in the global economy have improved over recent months. Business and consumer confidence have both picked up. Above-trend growth is expected in a number of advanced economies, although uncertainties remain. In China, growth was stronger over the second half of 2016, supported by higher spending on infrastructure…

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Tourist attraction: Investing in Australia’s surging visitor numbers

13

Jan 2017

Tourist attraction: Investing in Australia’s surging visitor numbers

Record numbers of visitors pouring into Australia suggest flights full of free-spending tourists landing at crowded airports around the country, cramming through immigration to dash to the nearest shopping centre and lift the nation’s retail sales figures as quickly as possible. Actually, the description is only a slight exaggeration as Australia’s tourism industry undergoes resurgence, thanks in large part to record arrivals from China. The…

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One way to assess policy options and limits

13

Jan 2017

One way to assess policy options and limits

Since the global financial crisis (GFC), one of the dominant patterns in global economic policy has been the search for more tools to provide stimulus in an environment where low growth and low inflation have proven extremely persistent. Faced with the difficulty of what to do when cash rates reach the lower bound of zero, central bankers have responded with attempts to twist the yield…

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4 reasons why listed real estate is now safer if a downturn hits

13

Jan 2017

4 reasons why listed real estate is now safer if a downturn hits

Advisers who moved their clients into listed real estate after the GFC made a brave call, given that investors in the sector suffered terribly during the economic turmoil. However, in the last five years, those clients who were invested in the listed real estate sector have benefited from strong total returns. Notably, global listed real estate has outperformed the majority of other asset classes for…

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December 2016 Interest Rate Statement by Philip Lowe, Governor: Monetary Policy Decision

06

Dec 2016

December 2016 Interest Rate Statement by Philip Lowe, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. The global economy is continuing to grow, at a lower than average pace. Labour market conditions in the advanced economies have improved over the past year. Economic conditions in China have steadied, supported by growth in infrastructure and property construction, although medium-term risks to growth remain. Inflation remains…

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There’s no escaping a lacklustre return potential

07

Nov 2016

There’s no escaping a lacklustre return potential

While the high inflation of the 1970s and early 1980s was bad for investment returns at the time, it left a legacy of very high investment yields which helped set the scene for high investment returns through the 1980s and 1990s. Back in the early 1980s the RBA's ‘cash rate’ was averaging around 14%, three-year bank term deposit rates were around 12%, 10-year bond yields…

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Trump vs Clinton: The impact on markets

07

Nov 2016

Trump vs Clinton: The impact on markets

The United States (US) presidential election, on 8 November, between Republican candidate Donald Trump and Democratic candidate Hillary Clinton is a hotly contested race. More recently, we have seen some widening of opinion polls, however, this is a fluid and fast moving landscape and political uncertainty remains. We anticipate that the potential for increased market volatility over coming weeks is high. This paper draws on…

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QE spillover steers money to US, Australian corporate bonds

17

Oct 2016

QE spillover steers money to US, Australian corporate bonds

After seven years of interest rate cuts and trillions of dollars in quantitative easing, discussion is growing over whether monetary policy is losing its effectiveness, given the growth outlook for advanced economies remains below 2%. These measures have fallen short of stoking inflation to the degree major central banks had hoped, leaving economic growth sluggish and the macroeconomic backdrop somewhat mixed across regions. However, the…

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