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11 December 2025
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APRA has released a plan to phase out bank hybrid securities and replace them with capital it regards as cheaper and safer. The transition will impact hybrid markets, funding spreads, and investor strategies.
Changes to banking regulations have led to higher interest rates on bank loans for SMEs and personal loans, pushing borrowers towards the rapidly growing new segment of non-bank lending for faster and better service.
Hybrids are no more ridiculous than shares for retail investors, especially bank and insurance company issues. The increase in common equity in banks has improved the quality, but investors must be paid for the risk.
Part 2 of the edited transcript from the Morningstar Investment Conference Q&A session with Ian Macfarlane. He shares his thoughts on emerging markets, Australia’s banking system and property prices.
Until recently, institutional investors did not buy many bank hybrids, leaving issue size and margins subject to retail demand. But retail investors, including SMSFs, no longer have the market to themselves.
Whether you borrow or deposit or pay fees, a general understanding of how bank pricing committees determine the rates and charges for their products could provide the negotiating edge you need to get a better deal.
I’ve long seen Buffett as a flawed genius: a great investor though a man with shortcomings. With his final letter to Berkshire shareholders, I reflect on how my views of Buffett have changed and the legacy he leaves.
Thoughtful tax planning is a cornerstone of successful investing. This highlights 13 legal ways that you can reduce tax, preserve capital, and enhance long-term wealth across super, property, and shares.
With rates on hold and housing demand strong, lenders are pushing boundaries. As risky products return, borrowers should be cautious and not let clever marketing cloud their judgment.
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".
Despite soaring retiree wealth, public spending on older Australians continues to rise. The result: retirees now out-earn the young, exposing structural flaws in the tax system and challenges for fiscal sustainability.
What should you do if you think this market is grossly overvalued? While it’s impossible to predict the future, it is possible to prepare, and here are three tips on how to best construct your portfolio for what’s ahead.