In this episode, our Chief Investment Officer, Scott Haslem speaks with Stephen Miller, one of Australia’s longest-serving economists and investors. Scott and Stephen embark on a wide-ranging macro discussion beginning with Stephen’s early career then springboarding into the state of politics in Australia today.
"No one sits around the kitchen table talking about productivity, do they? But it's important because it's the key to improving our living standards and reducing inflation."
Stephen spent his early years in Canberra, including a stint as the Private Secretary to the Treasurer, the Hon Paul Keating MP. After this, he embarked on a long career at Bankers Trust (both in New York and Sydney) and BlackRock in Australia where he was a Managing Director and Head of Fixed Income, before joining GSFM Funds Management as an adviser in 2018.
Scott and Stephen embark on a wide-ranging macro discussion beginning with Stephen’s early career then springboarding into the state of politics in Australia today. In particular, Stephen bemoans the lack of a reform agenda in Australia, the cost to our standard of living, and the seeming unwillingness of today’s politicians from both sides of politics to prosecute the case for reform.
The two then discuss the outlook for global rates and the return to normal yields (as well as Australia’s high inflation challenge associated with our poor productivity). Stephen highlights key themes such as climate change, artificial intelligence (AI) and ageing populations as some of the global megatrends that are adding to the challenge of calling markets today.
Given Stephen’s background in fixed income, we hear from him on how to best use bonds in today’s portfolios. We look at the economic outlook overall, and end with a note to young students of economics who are embarking on their careers.
