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Edition: 135

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Edition 135

  • 20 November 2015

Changing benchmarks as prime bank paper fails to trade, the rise of social infrastructure real estate investment, economy slower than expected, pricing ETFs across time zones, and what makes for a great global business.

Real estate social infrastructure coming of age

Demographic and social changes, longevity, cash-strapped governments and higher density living are all driving a shift towards investments in real estate social infrastructure. Here are some risks and benefits.

Australia’s pending refinancing revolution

Smaller financial institutions have become more competitive in the home loan market, and as they seek new funding sources, the market is doubting the value of the traditional prime bank BBSW benchmark.

World economy will be ‘slower for longer’

This period of ultra low interest rates and government-stimulated economies has created an overly optimistic view of world economic growth, which will have implications for future retirement savings returns.

Dealing with time zones when pricing global ETFs

When Exchange Traded Products that track international markets are priced on the ASX, the closing price of the underlying offshore market often varies from the opening price here.

Great businesses where customers do the work

Facebook, Tripadvisor and Alibaba - they’re great businesses because they require no inventory, have low capital costs, relatively few staff and their own customers generate the content.

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

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