19 June 2026

Recently trending

Noel Whittaker’s take on the budget Australia has no death duties. Technically.Welcome to Firstlinks Edition 662 with weekend update How to minimise tax with a will How inflation is quietly moving the goalposts on retirement

Reader: "I subscribe to two newsletters. This is my first read of the week. Thank you. Excellent and please keep up the good work!"

John Pearce, Chief Investment Officer, Unisuper: "Out of the (many many) investmentrelated emails I get, Cuffelinks is one that I always open."

Reader: "The BEST in the game because of diversity and not aligned to financial products. Stands above all the noise."

Ian Silk, CEO, AustralianSuper: "It has become part of my required reading: quality thinking, and (mercifully) to the point."

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."

Reader: "Carry on as you are - well done. The average investor/SMSF trustee needs all the help they can get."

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."

Reader: " Finding a truly independent and interesting read has been magical for me. Please keep it up and don't change!"

David Goldschmidt, Chartered Accountant: "I find this a really excellent newsletter. The best I get. Keep up the good work!"

Don Stammer, leading Australian economist: "Congratulations to all associated. It deserves the good following it has."

Reader: "Best innovation I have seen whilst an investor for 25 years. The writers are brilliant. A great publication which I look forward to."

John Egan, Egan Associates: "My heartiest congratulations. Your panel of contributors is very impressive and keep your readers fully informed."

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."

Noel Whittaker, author and financial adviser: "A fabulous weekly newsletter that is packed full of independent financial advice."

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: "Congratulations on a great focussed news source. Australia has a dearth of good quality unbiased financial and wealth management news."

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."

Rob Henshaw: "When I open my computer each day it's the first link I click - a really great read."

Reader: "It's excellent so please don't pollute the content with boring mainstream financial 'waffle' and adverts for stuff we don't want!"

Ian Kelly, CFP, BTACS Financial Services: "Probably the best source of commentary and information I have seen over the past 20 years."

Reader: "Keep it up - the independence is refreshing and is demonstrated by the variety of well credentialed commentators."

Jonathan Hoyle, CEO, Stanford Brown: "A fabulous publication. The only must-read weekly publication for the Australian wealth management industry."

Reader: "Is one of very few places an investor can go and not have product rammed down their throat. Love your work!"

Reader: "Great resource. Cuffelinks is STILL the one and only weekly newsletter I regularly read."

Andrew Buchan, Partner, HLB Mann Judd: "I have told you a thousand times it's the best newsletter."

Reader: "An island of professionalism in an ocean of shallow self-interest. Well done!"

Home / White Papers 2020

BetaShares Australian ETF Review – Mid-Year 2020

BetaShares Capital
15 July 2020

Increased issuer concentration

Flows by issuer remained as concentrated as in 2019, with the top two issuers (Vanguard and BetaShares) once again receiving ~60% of industry net inflows for the half-year.

Australian equities dominate flows

While the Fixed Income category received the highest level of inflows in 2019, Australian broad equity products have been dominant in 2020, receiving more than 1.5 times the flows of the next biggest category, global equities (receiving inflows of $3.5 billion and $2.1 billion respectively). In contrast, only $263 million flowed into fixed income over the half year, with investors appearing to reduce allocations to bonds as yields continued to fall. Inflows into commodities ETFs also jumped, as investors turned to gold as a safe haven exposure.

Trading volumes remain robust

As well as the substantial increase in overall trading volume, there were also marked changes to the most-traded products for this half year when compared to the previous half. In particular, short products were heavily traded, with BetaShares’ BBOZ, which offers short exposure to the Australian sharemarket, topping the list of the most traded products in the month.

Outlook for the rest of 2020

Looking forward for the rest of the year, BetaShares retains the forecast it made at the end of 2019, and continues to expect total industry FuM at end 2020 to be in the range of $72-$78B.

Most viewed in recent weeks

Noel Whittaker’s take on the budget

Marketed as a fix for inequality and housing affordability, the latest budget instead delivers a tangle of tax changes that leave everyday Australians worse off.

Noel Whittaker
20 May 2026

Australia has no death duties. Technically.

Australia may not levy formal death duties, but a growing web of tax measures is quietly shaping what wealth passes between generations. Now, the 2026 budget adds another layer.

Rachael Rofe
20 May 2026

Welcome to Firstlinks Edition 662 with weekend update

The debate over the budget is increasingly shaped by frustration and perceptions of unfairness, rather than clear-eyed assessment of policy outcomes.

Mark LaMonica CFA
14 May 2026

How to minimise tax with a will

Inheritance tax implications in Australia may surprise some, as poor estate planning without proper wills or trusts can lead to costly tax bills and delays for beneficiaries.

Shani Jayamanne
3 June 2026

How inflation is quietly moving the goalposts on retirement

Inflation doesn’t just raise today’s bills - it quietly increases the amount needed to retire, while simultaneously making it harder to save. Three steps to take before June 30th to improve retirement outcomes.

Jen Richardson
13 May 2026

Back to the future - Why indexing CGT is a good idea

A return to indexation of capital gains would be a fairer way to compensate households for the effects of inflation than the current discount. Importantly, it opens the door to future, broader reforms to stop the taxation of inflation.

Matt Nolan
20 May 2026

Latest Updates

Investment strategies

High quality businesses are on sale

Beneath the dominance of the ASX's largest stocks, much of the market has been left behind. High-quality companies are now trading at levels rarely seen, offering opportunities for investors willing to look deeper.

Tim Carleton
17 June 2026

Investment strategies

The whirlwind is upon us

Something unusual is happening in markets. The winners are pulling further ahead at an extraordinary pace. As return dispersion hits extreme levels, volatility is rising and the investing landscape is becoming harder to navigate.

Owen A. Lamont Ph.D.
17 June 2026

Strategy

Inequality destabilises economies

Extreme wealth concentration is no longer just a side effect of growth. As inequality deepens, its consequences are shifting from a social concern to a broader threat to economic stability and democratic resilience.

Michael Collins
17 June 2026
5

Investment strategies

Have AI’s four horsemen arrived?

AI exuberance is colliding with economic reality. Cracks are emerging as spending surges, ROI remains uncertain and enterprise behaviour shifts. The next phase may look less like an expansion and more like a reckoning.

Roger Montgomery
17 June 2026

Taxation

Budget tax changes only scratch the surface. Here are 4 reforms Australia needs next

The 2026 budget has reignited Australia’s tax reform debate, but more work remains. Beneath the surface lies a harder question: what structural reforms are needed to make the country's tax system fit for the future?

Taxation

Negative gearing: quarantined, not killed

The Budget's negative gearing changes defer deductions rather than deny them, yet a worked example shows quarantining can halve the tax benefit's present value for buyers of established dwellings.

Trevor Schmid
17 June 2026
4

Investment strategies

Family offices have quietly taken over Australian private capital

In just four years, Australia's private capital landscape has transformed. We are seeing changes across who deploys capital, how deals are structured and why new platforms and investor pathways are rapidly emerging.

Hayden Green
17 June 2026

Alliances

Site Map

About Firstlinks

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.

BetaShares Australian ETF Review – Mid-Year 2020