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28 February 2026
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Over the past few years, the Reserve Bank of Australia has been subjected to a blizzard of criticism. Yet, despite its flaws, it may just have engineered that rarest of beasts: the fabled soft economic landing.
Market consensus is that the US Federal Reserve will cut interest rates well ahead of the RBA. The latest data has cast doubt on this, raising the prospect of an earlier RBA cut to prop up a faltering economy.
The charts reveal that interest rates can't rise much further as Australian mortgage holders are under stress, bank dividends look solid, and the bond market is in flux because yields are being manipulated.
News outlets and RBA watchers use a handy tool from the ASX to gauge market predictions for the RBA cash rate. Yet the tool has an obvious flaw that needs to be fixed to better reflect current monetary policy.
After price falls in most asset classes in Australia last year, where are the best opportunities in 2023? We compare cash, bonds, residential and commercial property, as well as stocks, and reveal what’s cheap and what’s not.
One of the major questions confronting investors is the portfolio weighting towards Australian banks in an environment of rising rates. Do the recent price falls represent value or are too many bad debts coming?
The headlines are filled with negative news which has unsettled global financial markets. Will the Australian economy remain resilient in the face of these economic threats?
Conservative investors who want the greater capital security of bonds can now lock in 5% but they should stay at the higher end of credit quality. Rises in rates and defaults mean it's not as easy as it looks.
A close inspection of Reserve Bank Board minutes, the implications of US Fed moves, the way unemployment is measured and how monetary policy is set add up to a picture of further rate cuts.
If an investor had been living on the moon or under a rock for a year and returned on 30 June 2019, on seeing their portfolio, they would have thought it was a delightful year full of good news.
It's not long ago when Australian bond rates were well above US bond rates, and now they are the same in the 10 years. Factors affecting Australian monetary policy will not mirror US rises through 2018.
In a recent speech, US Federal Reserve Chair, Janet Yellen signalled that 'unconventional' monetary policy actions by central banks are likely to be 'normal' for many years.
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.
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.
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.
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.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
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.