Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 10

Edition 10

  •   12 April 2013
  •      
  •   

Welcome from Chris Cuffe

Although the media and politicians would have us believe that superannuation and retirement planning are the most important financial problems at the moment, it’s really the high level of global government debt.

Concerns about the potential defaults of Greece, Ireland, Spain and Italy weighed heavily on the market from 2010 to mid-2012, but investors have been more forgiving in the last six months. Sharemarkets briefly worried about Cyprus and then a few days later, Wall Street hit another all-time high. But the sovereign debts in Europe, Japan and the United States are the most pressing problem for central bankers to address.

Both Ashley Owen and I focus on debt this week, specifically on understanding what debts we should think about, and how they are measured. Ashley examines over a hundred years of government borrowing, especially in the United States, and highlights that the current events are not unique, or even large in an historical sense. Markets have always found a turning point and a way forward, albeit with some pain along the journey.

The United Nations Principles for Responsible Investing (PRI) initiative now has almost 1200 signatories managing assets worth USD34 trillion globally, including 125 in Australia. In her new role as Managing Director, Fiona Reynolds gives us insights into where she wants responsible investing to develop.

Graham Hand takes a look at the merits of Listed Investment Companies (LICs), especially when they are trading at a discount to net tangible assets, while Rick Cosier tries to unravel the mysteries of residential property auctions and price reporting. As the largest asset class in Australia and a growing focus for superannuation, accurate information is vital for informed investment decisions. And with all the attention on last week’s proposed changes to superannuation regulations, Ramani Venkatramani takes a look at issues that need clarifying.

Chris

Latest posts from Cuffelinks, 12 April 2013, Edition 10

  • Until debt do us part, Act 1 Chris Cuffe
  • Until debt do us part, Act 2 Ashley Owen
  • UNPRI ready to go to the next level Fiona Reynolds
  • Consider a LIC before you bite into equities Graham Hand
  • Price statistics in the (un)real estate market Rick Cosier

View email | Download PDF

  •   12 April 2013
  •      
  •   

 

Leave a Comment:

banner

Most viewed in recent weeks

Ray Dalio on 2025’s real story, Trump, and what’s next

The renowned investor says 2025’s real story wasn’t AI or US stocks but the shift away from American assets and a collapse in the value of money. And he outlines how to best position portfolios for what’s ahead.

Making sense of record high markets as the world catches fire

The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.

3 ways to fix Australia’s affordability crisis

Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.

Is there a better way to reform the CGT discount?

The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.

How cutting the CGT discount could help rebalance housing market

A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.

Welcome to Firstlinks Edition 648 with weekend update

This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.

  • 5 February 2026

Latest Updates

Property

The 5% deposit scheme is bad for homeowners and Australia

An ‘affordability’ scheme making the county more vulnerable to economic shocks and contributing to the deteriorating financial situation of everyday Australians.

Investment strategies

Is defensive the new offensive?

Relatively boring, unglamorous, defensive stocks like Kroger and Allstate have quietly outperformed gilded tech giants, offering steady growth, visibility, and resilient returns in a market captivated by AI and flashier industries.

Shares

How the RBA scores on its inflation goal

The Reserve Bank continues to face criticism from all sides. A reminder of the RBA's mandate and a review of their track record in maintaining price stability since the early 1990s.

Investment strategies

Levered credit: A late cycle ingredient for drawdown pain

As credit spreads normalised through 2025, yield‑hungry investors have turned to leverage for high returns, uncomfortably echoing pre‑GFC behaviours. Investors need to be careful to understand the true risk‑return trade‑off.

Planning

The more things change… longevity just goes on increasing

Australia needs a major shift in longevity awareness, attitudes and behaviour if, as a community, we are to reap the benefits of increasing longevity. Adopting a national strategy is well overdue.

Property

The improving outlook of Australian commercial real estate

The sector is positioned to benefit from defensive and resilient income streams supported by embedded rental increase opportunities. 

Property

Seize hidden opportunities among 50+ home buyer schemes in Australia

There is a laundry list of government schemes to help Australian's struggling with housing affordability. Savvy buyers should take advantage to break into the property market.

Sponsors

Alliances

© 2026 Morningstar, Inc. All rights reserved.

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.