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2 August 2025
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Hybrids are riskier than term deposits but investors are rewarded for the risk. Here is a simple way to consider if the reward is sufficient as the hybrid approaches an expected call date.
The recent rise in the prices of bank hybrids fails to recognise the risks involved, and they now look expensive compared to alternatives available to both retail and institutional investors.
The margins (or spreads) on so-called AT1 bank hybrids have reduced significantly since the franking doubt was removed in the election, and investors should ask whether they are now rewarded for the risks.
While property and equity markets remain expensive by historical standards, yields achievable relative to risk remain strong in the hybrid market, notwithstanding recent upticks in price.
Hybrids are complex instruments but they can be viewed as a bond with an embedded option, and they convert to equity in certain circumstances. Investors should consider the risk of this happening.
Issued just 18 months apart, two of CBA's preference share issues, PERLS VII and PERLS VIII, experienced vastly different market receptions and showed hybrids can also be volatile.
Treasurer Jim Chalmers aims to tackle tax reform but faces challenges. Previous reviews struggled due to political sensitivities, highlighting the need for comprehensive and politically feasible change.
The Labor government is talking up tax reform to lift Australia’s ailing economic growth. Before any changes are made, it’s important to know who pays tax, who owns assets, and how much people have in their super for retirement.
With Div. 296 looming, is there a smarter way to tax superannuation? This proposes a fairer, income-linked alternative that respects compounding, ensures predictability, and avoids taxing unrealised capital gains.
There are many ways to invest in stocks, but some strategies are more effective than others. Here are nine tried and tested investment approaches - choosing one of these can improve your chances of reaching your financial goals.
In selling the super tax, Labor has repeated Treasury claims of there being $50 billion in super tax concessions annually, mostly flowing to high-income earners. This figure is vastly overstated.
Markets have weathered geopolitical turmoil, hitting near record highs. Investors face tough decisions on valuations, asset concentration, and strategic portfolio rebalancing for risk control and future returns.