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6 March 2026
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There is a spectrum of retirement investment strategies ranging from ‘business as usual’ to more complex ‘income layering’. They allow for varying degrees of personalisation in managing retirement risks.
Some retirement portfolios may never recover from a big hit to the balance just when contributions have stopped and withdrawals have commenced. The possible sequence of returns is another risk to focus on.
Contrary to popular belief, there are significant variations in equity returns over long periods such as 20 years. Whether you will earn the 'equity risk premium' is far from certain.
The fear of sequence risk drives investors to take equity and risky asset exposures out of their retirement portfolios, but is this such a good idea? Looking back over the last 40 years provides some perspective.
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 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.
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.
Most commentary on gold's recent record highs focus on it being the product of fear or speculative momentum. That's ignoring the deeper structural drivers at play.