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8 July 2026
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The US dollar’s overvaluation, weaker fundamentals, and crowded positioning point to further downside. Diversifying into non-US equities and emerging market debt may offer opportunities for global investors.
As more Australians tilt their investments to global equities, they often overlook the exchange rate risk and fees. The move from US57 cents to US73 cents in six months shows the unhedged impact.
Investors are looking overseas for investments more than ever, but most do not hold some of their cash in US$. It gives exposure to the world's leading economy, perhaps at a higher rate.
Many people put months of effort into planning a foreign trip, only to leave FX transactions to the last minute, including the worst sin of changing currency at the airport. There are better ways.
Australian retail customers typically still pay a hefty fee on FX transactions at the airport or through the banks. Fintech solutions are more competitive, and global banks are also offering multi-currency accounts.
Let's celebrate the positive effects of a floating exchange rate and the way it adjusts to make economic policy more effective. With some exceptions, a floating currency acts as a shock absorber to cushion volatility.
The Reserve Bank has three early warning signals for financial instability in a sector: rapid growth; a target for spruikers; and a potential investor protection issue. SMSFs tick every box.
* ASIC has warned retail investors about the dangers of trading FX, including listing the risks.
Inheritance tax implications in Australia may surprise some, as poor estate planning without proper wills or trusts can lead to costly tax bills and delays for beneficiaries.
Proposed Budget changes to taxation are casting new uncertainty over testamentary trusts, prompting closer scrutiny of estate planning structures and the real implications of reforms still taking shape.
New CGT rules could tip the scales in the super vs non-super debate. For those facing the Division 296 tax, the case for withdrawing has gotten more complex. A "comparison rate" tool may help assess decisions.
Beneath the dominance of the ASX's largest stocks, much of the market has been left behind. High-quality companies are now trading at levels rarely seen, offering opportunities for investors willing to look deeper.
The 30% minimum tax on capital gains sits at the heart of the budget's proposed reforms. Yet the mechanics reveal anomalies that introduce unexpected distortions that raise questions about its design.
The downfall of the giant and three lessons for investors.