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Edition: 497

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Welcome to Firstlinks Edition 497 with weekend update

  • 23 February 2023
  • 97

The Australian super system is "distorted by a very small number of Australians taking advantage of a system" according to the Finance Minister. Shame on them for leaving their money in a government-designed scheme. And why does the AFR think SMSFs are "plummeting"? They are thriving.

Lesson 1: focus on the long term, Lesson 2: see Lesson 1

In this exclusive interview, three global fund managers come together to make the case for long-term, active portfolio management in more difficult times. Passive can no longer rely simply on strong market momentum.

Michael Rice: Quality of Advice Review is only a start

Opening the market for advice makes sense but the QAR is weak on consumer safeguards. Financial advice legislation should be tailored to the risk of harm for consumers, identifying complicated, risky strategies.

The super wars revisited: Vanguard vs AustralianSuper

Vanguard has thrown down the gauntlet to the superannuation industry by launching its Super SaveSmart accumulation offering. How does its current offering stack up against local juggernauts such as AustralianSuper?

Reports of tech's death are greatly exaggerated

Many investors have written off the tech sector after last year's bloodbath. But tech is entering a new phase of growth and dominance, fuelled by innovation and AI, and there are compelling ways to play this theme.

Not all private markets are ‘volatility laundering’

Are super fund allocations to private markets a form of 'volatility laundering' as one commentator suggests? Perhaps, but it's crucial to distinguish between different segments of private markets for a complete picture.

Prepare for the shifting sands in personal taxation

The Government is preparing the ground for changes relating to both superannuation and personal taxation. The tax amendments in the coming Budget may be modest but several critical areas face greater scrutiny.

Two steps forward, one step back for investors

The past three years seem representative of the history of stock returns: two steps forward and one step back. It provides important lessons about how you should prepare your investment portfolio for future market outcomes.

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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