“Two halves, two different worlds" July 2026 | For public consumption Twelve months ago, the consensus view was that FY26 would be the year duration finally rewarded the faithful, as the RBA worked its way through a steady easing cycle. For six months, that thesis held. Then it broke — comprehensively. The financial year split neatly in two. Through the December half, the RBA continued cutting, inflation appeared to be behaving, and the market priced a terminal rate materially below where...

We view private credit as a potentially valuable component of a diversified portfolio for investors seeking income and long-term capital appreciation. However, it is not a substitute for liquidity, nor is it risk-free. While the asset class can offer attractive income and portfolio diversification benefits, investors need to tread warily given broader risk dynamics and to fully understand said risks vs return prospects. Recent developments have brought private credit back into focus....

It is understandable that households with a mortgage would feel frustrated to see interest rates move higher just as inflation appeared to be easing. The Reserve Bank of Australia’s (RBA) recent decision to lift rates surprised some observers. From the RBA’s perspective, and for many market watchers, the logic is straightforward. Understanding that logic helps investors frame how portfolios should be positioned from here. Importantly, while higher rates pressure borrowers, they also increase...