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31 December 2025
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Written by Sebastian Mullins with contributions from Stuart Dear and Kellie Wood. These papers are the collective work of our domestic investment desks in collaboration with our global colleagues.
The post-GFC years were characterised by low inflation, low interest rates, low macroeconomic volatility and strong asset price returns. However, these years also saw growing imbalances, such as worsening inequality, rising debt loads, supply-chain fragility and burgeoning geopolitical fractures. The post-Covid years have seen these issues come to the fore which took many by surprise, culminating in the largest spike in inflation since the 1970s. In this document, Part 1, we debate what the next decade may hold and the characteristics for this ‘Next’ economy.
Download the full paper
Many market participants have only invested in structurally subdued inflation regimes. 2022 caught many off guard as inflation spiked to the highest levels since the 1970s, causing both bonds and equities to fall in tandem. In our previous paper we discussed the characteristics of the ‘Next’ economy, which we believe will have structurally higher inflation than experienced over the past decade. Here we discuss what this means for investors and how to consider positioning portfolios for this new regime.
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.
Much has been made of how US markets, especially the NASDAQ, have significantly outperformed the ASX over the past two decades. History suggests the pendulum will swing back once again in Australia's favour.
What is the X-Factor - the largely unexpected influence that wasn’t thought about when the year began but came from left field to have powerful effects on investment returns - for 2025? It's time to select the winner.
What is progress? Is it GDP growth? Increasing wealth? New and improving technology? This argues that our measure of progress has become warped, and we're heading backwards rather than forwards.
Summer is a great time to catch up on a good book. Here is a list of books on leadership, investing, and well-being for those looking to learn, reflect, and gain inspiration over the holiday season.