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Welcome to Firstlinks Edition 605 with weekend update

  • 3 April 2025
  • 21

Trump's tariffs and China's retaliatory strike have sent the Nasdaq into a bear market with the S&P 500 not far behind. What are the implications for the economy and markets, and what should investors do now? 

Why Australia’s roaring population growth won’t last

Australia’s population rose by 497,000 in 2022, driven by a record net overseas migration of 387,000. It's a staggering number that's grabbed headlines, yet less talked about is the continued decline in our fertility rates.

Equity investing in an inflationary environment

How do investors build resilience into equity portfolios when faced with inflation? Dividend-income could play a more important role but at extremes of inflation, global equities have tended to struggle.

Embracing the bright side of population decline

With global population expected to decline from 2064, it’s easy to focus on the negative economic outcomes. But what about the positives, such as wages growth, sustainability, and innovation and productivity improvements?

Why don't higher prices translate into inflation? Blame hedonism

Why are prices rising but not the CPI? When we measure inflation, we aren’t measuring raw price changes, we’re measuring the pleasure-adjusted or utility-adjusted price changes, and we use it incorrectly.

The effect of real wage changes on retirement incomes

The impact of real wage growth on your future retirement income depends a lot on your pre-retirement position. Will you be kept in the manner to which you have become accustomed or will some adjustments need to be made?

Most viewed in recent weeks

Ray Dalio on 2025’s real story, Trump, and what’s next

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.

Making sense of record high markets as the world catches fire

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.

3 ways to fix Australia’s affordability crisis

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.

Is there a better way to reform the CGT discount?

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.

How cutting the CGT discount could help rebalance housing market

A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.

Welcome to Firstlinks Edition 648 with weekend update

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.

  • 5 February 2026

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