Register to receive our free weekly newsletter including editorials.
30 December 2025
Recently trending
Professor Robert Deutsch: "This has got to be the best set of articles on economic and financial matters. Always something worthwhile reading in Firstlinks. Thankyou"
Eleanor Dartnall, AFA Adviser of the Year, 2014: "Our clients love your newsletter. Your articles are avidly read by advisers and they learn a great deal."
John Egan, Egan Associates: "My heartiest congratulations. Your panel of contributors is very impressive and keep your readers fully informed."
Reader: "Keep it up - the independence is refreshing and is demonstrated by the variety of well credentialed commentators."
Andrew Buchan, Partner, HLB Mann Judd: "I have told you a thousand times it's the best newsletter."
Ian Silk, CEO, AustralianSuper: "It has become part of my required reading: quality thinking, and (mercifully) to the point."
Reader: "I can quickly sort the items that I am interested in, then research them more fully. It is also a regular reminder that I need to do this."
Ian Kelly, CFP, BTACS Financial Services: "Probably the best source of commentary and information I have seen over the past 20 years."
Reader: "The BEST in the game because of diversity and not aligned to financial products. Stands above all the noise."
John Pearce, Chief Investment Officer, Unisuper: "Out of the (many many) investmentrelated emails I get, Cuffelinks is one that I always open."
Steve: "The best that comes into our world each week. This is the only one that is never, ever canned before fully being reviewed by yours truly."
Reader: " Finding a truly independent and interesting read has been magical for me. Please keep it up and don't change!"
Reader: "It's excellent so please don't pollute the content with boring mainstream financial 'waffle' and adverts for stuff we don't want!"
Reader: "An island of professionalism in an ocean of shallow self-interest. Well done!"
Scott Pape, author of The Barefoot Investor: "I'm an avid reader of Cuffelinks. Thanks for the wonderful resource you have here, it really is first class."
David Goldschmidt, Chartered Accountant: "I find this a really excellent newsletter. The best I get. Keep up the good work!"
Reader: "Love it, just keep doing what you are doing. It is the right length too, any longer and it might become a bit overwhelming."
Jonathan Hoyle, CEO, Stanford Brown: "A fabulous publication. The only must-read weekly publication for the Australian wealth management industry."
Rob Henshaw: "When I open my computer each day it's the first link I click - a really great read."
Noel Whittaker, author and financial adviser: "A fabulous weekly newsletter that is packed full of independent financial advice."
Reader: "Carry on as you are - well done. The average investor/SMSF trustee needs all the help they can get."
Reader: "Best innovation I have seen whilst an investor for 25 years. The writers are brilliant. A great publication which I look forward to."
Reader: "I subscribe to two newsletters. This is my first read of the week. Thank you. Excellent and please keep up the good work!"
Reader: "Great resource. Cuffelinks is STILL the one and only weekly newsletter I regularly read."
Reader: "Congratulations on a great focussed news source. Australia has a dearth of good quality unbiased financial and wealth management news."
Reader: "Is one of very few places an investor can go and not have product rammed down their throat. Love your work!"
Don Stammer, leading Australian economist: "Congratulations to all associated. It deserves the good following it has."
Here are 13 final reflections about wealth after 23 years working in the Australian philanthropy sector*:
It’s time for a frank discussion on philanthropy in Australia. Given the wealth created in Australia in recent decades, philanthropy leaders should be targeting a much bigger and much better philanthropic sector. I’m not seeing it. The status quo isn’t working, other than some magic in a few areas.
“It’s amazing what you can accomplish if you don’t care who gets the credit”. Harry Truman
Peter Winneke is a philanthropy adviser and consultant, and author of “Give While You Live: A practical guide to more & better giving in Australia”.
*This is an edited version of Peter’s 31.10.25 LinkedIn post, “23 reflections about wealth after 23 years in the philanthropy sector”.
A ‘Top 50 Givers List’. What a fantastic idea. Let’s do it.
Thanks Peter. I think the dearth of comments on your provocative points is telling. Looks like we have a challenge when we launch Generous You in 2026....
"6. We need to better tell the story of how a family foundation can be an extraordinary educational tool for the next generation. A foundation is a microcosm of a business. The kids can learn about governance, managing money, setting a mission, developing and implementing a strategy, measuring impact and the responsibility of wealth.":'Bunk of Dad&Mum'; Save 80%-90% of after tax after super income for about 4 years, investing sensibly, buy home at price matching savings, no mort-gage, go on to save 50%. Fail to save, pay market rent to 'Bank of Mum&Dad', fail to pay rent, get shoved out the door.
I’m on the board of a PAF- finding efficient charities is as much of challenge as managing the parasites accumulating FUM. I should know, I was one of them.
what is your thoughts on the metrics approach from EA entities like givewell and (I think) Singer's "life you can save" has somet rankings too. Sure EA took a major reputational hit due to SBF, but apparently the USAID disbanding has revitalized it somewhat. Your "efficient" metric may be different to theirs which I believe is not about admin overhead but impact to the planet/sentient beings.
Excellent article. Great work Peter. And great work James in finding it and promoting it. Some of the excellent points are: • #1 – very true, especially incorporating #2. Many people have more than enough wealth for themselves and for their kids.• # 8 – That is a huge amount of money and could do a lot of good.• #12 and #10 – a major goal or vision. Our wealth and intelligence could solve most/all issues, especially empowering social entrepreneurs.• #4 Top 50 Givers – a great idea. I cannot see a downside.
Philanthropy is paying 43% average income tax over a 40+ year professional career.
Peter,No mention people/business may donate but don't want it to be public information on a list.Realise give whilst live article but executed 2 Wills, charities sole beneficiary, neither made large donations to reduce income tax in lifetimes which in a way, is laudable. Probably many such whole of estates but done quietly after death so no figures publicly available of large gifts which came from after-tax income.I take it you mean your figure of $500bn is deductible as not further defined, some may question lack of income tax paid on $500bn over 20yrs, whether such deductions or part of should be allowed or if a business can afford high charitable donations to be called "philanthropic' then it can afford non - deductible gifting.
How have so many wealthy families through history managed to squander their fortunes? This looks at the lessons from these families and offers several solutions to making and keeping money over the long-term.
With impending Stage 3 tax cuts incentivising taxpayers to bring forward future tax deductions while tax rates are higher, it’s a good time to explore how to bolster your tax savings and community impact through structured giving.
Structuring giving using Public or Private Ancillary Funds is an attractive strategy for donors who need a tax deduction now, and the flexibility to distribute the funds to charity over time.
Retirement isn’t a clean financial arc. Income shocks, health costs and family pressures hit at random, exposing the limits of age-based planning and the myth of a predictable “retirement journey".
The superannuation system has succeeded brilliantly at what it was designed to do: accumulate wealth during working lives. The next challenge is meeting members’ diverse needs in retirement.
Two years ago, I wrote an article suggesting that the odds favoured ASX shares easily outperforming residential property over the next decade. Here’s an update on where things stand today.
I am a professional real estate investor who hears a lot of opinions rather than facts from so-called experts on the topic of property. Here are the largest myths when it comes to Australia’s biggest asset class.
In an interview with Firstlinks, CEO Mark Freeman discusses how speculative ASX stocks have crushed blue chips this year, companies he likes now, and why he’s confident AFIC’s NTA discount will close.
It might not be quite an ‘everything bubble’ but there’s froth in many assets, not just US stocks, right now. It might be time to stress test your portfolio and consider assets that could offer you shelter if trouble is coming.
I’ve been comparing property and shares for decades and while both have their place, the differences are stark. When tax, costs, and liquidity are weighed, property looks less compelling than its reputation suggests.
Trump may be right on two trends: nations are shifting from aspiration to essentials and from global dependence to self-reliance, pushing capital toward security, infrastructure, and energy.
Gold has had a remarkable 2025, with the spot price likely to post its strongest return since 1971. This explores the key factors that will shape the outlook for the yellow metal next year, and long-term.
Critics like Clime's John Abernethy have questioned many aspects of defined benefit pensions for public servants. This is an attempted rebuttal, suggesting these pensions aren't the problem they're made out to be.
Aircraft constraints are holding back global air travel. Those constraints should soon ease which combined with a structural boom in travel demand could be a boon for global airport stocks.
Search is changing fast. AI tools like ChatGPT and Google’s Gemini are reshaping how we find information, opening new opportunities for innovation, user engagement, and future revenue growth.