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8 September 2026
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For decades, investors looked the other way as government debt ballooned. But a reckoning may be beginning. Bond markets are stirring and the consequences could reach far beyond markets into everyday life.
The Australian credit landscape is shifting. Yields are rising, issuance is strong and spreads continue to tighten. Income is re‑emerging as the dominant driver of returns, though pockets of risk may be building beneath the surface.
During the pandemic, the RBA’s balance sheet swelled to over $600 billion, which is now steadily shrinking. This explores the implications for financial markets, interest rates, and the economy’s path forward.
Supposedly a defensive asset class, bonds have endured a horror four years. A massive boom preceded a massive bust, though the recent downdraft means future prospects appear brighter for high quality bonds.
As investors navigate a potential recession and the possibility of higher interest rates for longer, the lure of fixed income is understandable. Here a primer to help investors decide which bonds may be best for them.
The Australian fixed income landscape has changed with conditions now likely to provide many of the defensive attributes that investors have traditionally expected. Asset allocations should be reviewed to reflect this.
The momentous rise in government bond yields since last year has had one unexpected effect: shrinking income distributions. This may be surprising given bond managers have been able to reinvest at progressively higher yields.
The Fed has finally signalled its intention to control inflation by reducing demand, and investors must become less comfortable with their financial prospects. Investing has changed and the consequences are serious.
There are plenty of voices on both sides of the inflation argument, but the ultimate impact of COVID should be deflationary. Australia is one of the last places to expect worrying signs of inflation rising.
The impact of the pandemic on Australia's debt and deficit has forced the government into borrowing on a scale unimaginable at the start of 2020. What are the implications, and what is even more important?
The 60/40 diversified portfolio has been the mainstay of the superannuation industry for decades. But it is built on a fundamental principle of defensive bond returns, and its time is nigh.
Going back to June 2019, investors would have questioned the logic of diversifying away from outperforming growth assets. But when markets feel at their best, it is paramount to keep a perspective on long-term goals.
For the last few years there has been much talk of a 'cost-of-living' crisis in Australia and of 'falling living standards'. Lately this has flared up again with the pickup in inflation resulting in a renewed fall in real wages.
Fear of running out has become a defining retirement anxiety. Why do some retirees die with substantial wealth while others deplete their nest egg? Evidence suggests the answer is more complicated than we think.
What if Australia’s golden age of dividends is ending? Rather than overhaul your portfolio, it may be worth considering where new capital can work harder. I discuss four income strategies and the trade-offs behind each.
Conventional wisdom encourages retirees to preserve superannuation. But if those likely to qualify for the Age Pension later in life spend a little more today, it may deliver higher lifetime income and a more stable retirement.
Tax rules have changed, but many investors are still using yesterday’s strategies. Insurance bonds may offer advantages for those seeking greater control, tax efficiency and certainty about their wealth.
Treasury’s latest CGT reform draft delivers a win for testamentary trusts and deceased estates, exempting estate-derived gains from the 30% floor. However, questions on death and divorce rollovers remain unresolved.