Special Reports

Treasurer Chalmers delivered the Government’s fifth federal budget on 12 May 2026. As flagged prior, this year’s budget contains a raft of significant revenue raising measures, headlined by substantial cuts to the National Disability Insurance Scheme (NDIS) and reforms to capital gains tax...

Investors must feel like they’ve endured an unusually testing past six weeks. The US-Iran conflict has continued to escalate, while a physical oil supply shock has worsened across the world and financial markets have endured increased levels of volatility. Throughout this period, we have...

Over the last year, a week has rarely passed without private credit being in the media spotlight. Whilst Australian rhetoric has historically been biased towards real estate lending, select corporate defaults and ASIC’s report on the asset class (and forward looking implications), global...

This Special Report summarises our analysis and assessment of the macro-economic, market, and investment implications of these developments. We are clearly deep within the fog-of-war, with significant near-term uncertainty around the situation on the ground.

It might read a tad counterintuitive but make no mistake, recent events are arguably the most instructive, and bullish, we have seen for some time. And it has nothing to do with geopolitics (if anything, they continue to make the investing picture murkier), the direction of interest rates...

In recent years, we aimed to position portfolios with the intention of protecting against a stressed market environment.

A tale of gold, Bitcoin, and the US dollar.

In the early hours of 13 June 2025, Israel launched extensive aerial and covert strikes across Iran, targeting a wide range of nuclear, military, and energy personnel and facilities.

It’s been a remarkable month for financial markets which have experienced historic levels of volatility and a near-unprecedented V-shaped recovery, all in the space of about 21 trading days since ‘Liberation Day’! The ‘Liberation Day’ sell-off across both bonds and equities saw increased market...