Common Good Tour 2018

The Common Good is a campaign run through the Prince Charles Hospital Foundation, that connects passionate and generous people who care about fighting disease, with researchers who can make it happen. Dialogue Financial Management, is a ‘Gold Business Partner’ of The Common Good, which means that we sponsor one hour of ground breaking medical research each…


Getting Patients Back on their Feet

Christmas is often a time for families, but not hospital patients who haven’t made it home for the holidays. Supporting patients to get out of hospital and back on their feet as soon as possible after surgery is an important initiative of the medical and research teams at The Prince Charles Hospital, and as a…


Treating Coeliac Disease with Hookworms

If the thought of parasitic hookworms burrowing through your skin until they find your intestine makes you nauseous, spare a thought for people who experience coeliac disease. This genetically predisposed condition affects one in 70 people in Australia, damaging the small bowel as a result of the immune system reacting abnormally to gluten. Coeliac disease…


How much can you afford to spend in retirement?

How much you can afford to spend in retirement is determined by a number of different factors including investment markets, your super balance and lifestyle. But is there more you can do to help yourself have a better retirement? Understanding your expected spending patterns and ensuring you have an appropriate investment and drawdown strategy can help you determine whether you can support your desired retirement lifestyle.

One of the most important steps in your retirement planning is figuring out how much you’ll need to spend each year to support your desired retirement lifestyle. However, many people struggle to plan for the various stages of spending that they may require as they move through retirement.

Chart 1 shows how retirement spending can change over time. Many people spend a lot initially, supporting their new lifestyle, before settling into a simpler life. As we age, accommodation and medical costs tend to rise.

Chart 1: Typical spending during retirement

How much will you spend in retirement?

A few guidelines to help you work out your retirement spending budget include:

  • Government regulations – the Superannuation Industry (Supervision) SIS regulations mandate minimum pension withdrawals, ranging from 4% pa for those aged under 65 through to 14% pa for ages 95+.1

  • Association of Superannuation Funds of Australia Limited (ASFA) Retirement Standard – provides the annual budget benchmarks to fund either a ‘comfortable’ or ‘modest’ standard of living, for both singles and couples. It is updated quarterly to reflect changes to inflation, as measured by the Consumer Price Index (CPI).2

  • Replacement Ratios – these measure your income in retirement relative to the income you earned during your working life. The benefit of these ratios is that they directly relate to the wealth and lifestyle that you enjoyed during your working life.

  • Mercer Retirement Income Framework – this alternative framework recognises that in the earlier active stage of retirement (ages 65 – 74 years) the SIS minimum withdrawal rate may not be enough. It proposes a drawdown strategy where retirement income includes either a minimum threshold to cover ‘essentials’ or a target income level to afford ‘extras’.3

The importance of the investment strategy

There is generally a clear relationship between your desired level of spending, how much your savings are and the way in which the retirement savings are invested. This is referred to as a drawdown strategy.  

In essence, a good drawdown strategy may require you to balance the following objectives: 

  1. Sustain a stable and comfortable standard of living in retirement. Ideally similar to what you were accustomed to prior to retirement

  2. Maximise your Age Pension and any other potential social security benefits

  3. Protect the value of your savings against being eroded by inflation and adverse market conditions

  4. Provide you with access to your savings to pay for unplanned expenses (without significant penalties for early withdrawal of your capital), and

  5. Minimise the risk that you will outlive your wealth, at least for essentials.

And remember as we get older, it generally becomes harder to solve new problems and process new concepts meaning we often find we shy away from complex decision making.4  Therefore, it’s important to develop a drawdown strategy early that works for you, which accounts for this cognitive decline and that lets you easily change your investments as your needs change during retirement.


So what could this look like?

A 65-year-old retired couple has combined superannuation assets of $500,000 and want to make their savings last 25 years. Chart 2 shows the impact of different spending strategies for two of the most common account-based pension (ABP) investment portfolio options – conservative and balanced.

If the couple adopted a spending strategy of $50,000 per year, they have at least a 90% likelihood of success for both options (that is, their superannuation assets lasting at least 25 years).

Alternatively, if they spend $56,000 annually, the likelihood of success drops to 56% with the balanced option and 38% with the conservative option. The balanced option has a higher likelihood of success, due to its larger allocation to growth assets. This increases the portfolio’s expected level of both long-term returns and risk. In contrast, the conservative option is made up of more defensive assets.

Chart 2: Impact of spending strategy and investment option on likelihood of super lasting to age 90

Note: Includes the couple’s hypothetical Age Pension entitlement. Results reflect the superannuation and Government Age Pension rules applicable from 1 July 2017.

Source: Willis Towers Watson. 

What can I do now to help achieve my desired retirement lifestyle?

It’s important to have a spending and investment strategy in place that is flexible enough to respond to a variety of factors and risks, including the changing patterns of your retirement income needs. Unexpected lump sum expenses, external influences on retirement savings (eg adverse market movements) and regulatory changes (eg variations to Age Pension and superannuation rules) must be considered.

It’s also good to have a trusted financial adviser or family member who understands your drawdown strategy, and can help you to make decisions about your investments in the future.

1. Schedule 7, Superannuation Industry (Supervision) Regulations, 1994.

2. ‘ASFA Retirement Standard’, December 2016.

3. ‘Retirement Income – A framework for a complex problem’, Mercer, 2015.

4. Kulatunga. K., ‘Five investment barriers to recognise if you’re over 55’, NAB Asset Management, 2016.

Important information

This information has been provided by MLC Investments Limited (MLCI) (ABN 30 002 641 661, AFSL 230705), a member of the group of companies comprised National Australia Bank Limited (ABN 12 004 044 937, AFSL 230686), its related companies, associated entities and any officer, employee, agent, adviser or contractor therefore (‘NAB Group’). Any references to “we” include members of the NAB Group. An investment with MLCI does not represent a deposit or liability of, and is not guaranteed by, the NAB Group. This information may constitute general advice. It has been prepared without taking account of individual objectives, financial situation or needs and because of that you should, before acting on the advice, consider the appropriateness of the advice having regard to your personal objectives, financial situation and needs.

While MLCI has taken all reasonable care in producing this communication, subsequent changes in circumstances may occur and impact on its accuracy.  Any opinions expressed in this communication constitute our judgement at the time of issue and are subject to change. We believe that the information contained in this communication is correct and that any estimates, opinions, conclusions or recommendations are reasonably held or made at the time of compilation. 

However, no warranty is made as to their accuracy or reliability (which may change without notice) or other information contained in this communication. 

Any projection or other forward looking statement (‘Projection’) in this document is provided for information purposes only. No representation is made as to the accuracy of any such Projection or that it will be met. Actual events may vary materially. MLCI relies on third parties to provide certain information and is not responsible for its accuracy.

MLCI is not liable for any loss arising from any person relying on information provided by third parties.

This article is directed to and prepared for Australian residents only.

Source: MLC 28 July 2017


August 2017 Statement by Philip Lowe, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.

Conditions in the global economy are continuing to improve. Labour markets have tightened further and above-trend growth is expected in a number of advanced economies, although uncertainties remain. Growth in the Chinese economy has picked up a little and is being supported by increased spending on infrastructure and property construction, with the high level of debt continuing to present a medium-term risk. Commodity prices have generally risen recently, although Australia’s terms of trade are still expected to decline over the period ahead.

Wage growth remains subdued in most countries, as does core inflation. Headline inflation rates have declined recently, largely reflecting the earlier decline in oil prices. In the United States, the Federal Reserve expects to increase interest rates further and there is no longer an expectation of additional monetary easing in other major economies. Financial markets have been functioning effectively and volatility remains low.

The Bank’s forecasts for the Australian economy are largely unchanged. Over the next couple of years, the central forecast is for the economy to grow at an annual rate of around 3 per cent. The transition to lower levels of mining investment following the mining investment boom is almost complete, with some large LNG projects now close to completion. Business conditions have improved and capacity utilisation has increased. Some pick-up in non-mining business investment is expected. The current high level of residential construction is forecast to be maintained for some time, before gradually easing. One source of uncertainty for the domestic economy is the outlook for consumption. Retail sales have picked up recently, but slow growth in real wages and high levels of household debt are likely to constrain growth in spending.

Employment growth has been stronger over recent months, and has increased in all states. The various forward-looking indicators point to continued growth in employment over the period ahead. The unemployment rate is expected to decline a little over the next couple of years. Against this, however, wage growth remains low and this is likely to continue for a while yet.

The recent inflation data were broadly as the Bank expected. Both CPI inflation and measures of underlying inflation are running at a little under 2 per cent. Inflation is expected to pick up gradually as the economy strengthens. Higher prices for electricity and tobacco are expected to boost CPI inflation. A factor working in the other direction is increased competition from new entrants in the retail industry.

The Australian dollar has appreciated recently, partly reflecting a lower US dollar. The higher exchange rate is expected to contribute to subdued price pressures in the economy. It is also weighing on the outlook for output and employment. An appreciating exchange rate would be expected to result in a slower pick-up in economic activity and inflation than currently forecast.

Conditions in the housing market vary considerably around the country. Housing prices have been rising briskly in some markets, although there are some signs that these conditions are starting to ease. In some other markets, prices are declining. In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. Rent increases remain low in most cities. Investors in residential property are facing higher interest rates. There has also been some tightening of credit conditions following recent supervisory measures to address the risks associated with high and rising levels of household indebtedness. Growth in housing debt has been outpacing the slow growth in household incomes.

The low level of interest rates is continuing to support the Australian economy. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.

Source: Reserve Bank of Australia August 1st, 2017


Media and Communications
Secretary’s Department
Reserve Bank of Australia

Phone: +61 2 9551 9720
Fax: +61 2 9551 8033


The risks of trying to pick future winning stocks

The risks of trying to pick future winning stocksIt’s tough for both professional and personal stock pickers to consistently beat or at least match the market.

But maybe many investors don’t recognise just how tough it is for stock pickers to succeed.

Recent research by a US academic underlines that pickers of individual stocks typically have a minimal chance of achieving a satisfactory return for the risks involved.

Professor of finance at Arizona State University Hendrick Bessembinder has compared how the approximately 26,000 stocks that have appeared on the broad US market between July 1926 to December 2015 have performed during their lifetimes against low-risk, low-return, one-month US Treasury bills.

Individual listed stocks tend to have a “rather short lifetime”, he notes. The median time that a stock was listed on the market was just seven years in the period covered by his research.

The findings of Professor Bessembinder’s just-released draft paper – Do stocks outperform Treasury bills? – may surprise you:

  • 58 per cent of the stocks failed during their lifetimes to beat the returns of the US Treasury bills.

  • Just four per cent of stocks, a little more than 1000 companies, were responsible for the “entire wealth creation” of the US stock market. (The other 96 per cent collectively matched the returns of the one-month Treasury bills.)

  • Only 86 companies collectively accounted for more than half of the wealth created by the market.

Perhaps the twist with this research is the overall US stock market strongly outperformed the one-month Treasury bills over the research period.

Keeping mind that just a few stocks were responsible for most of the gains, the research provides a resounding case for investors to invest much of their portfolios in low-cost index funds – rather than trying to pick winners.

If you try to pick tomorrow’s hot stocks, the likelihood is that you will pick the wrong ones.

Numerous investors, as Smart Investing has often discussed, choose to hold the core of their portfolios in low-cost index funds, tracking selected indices, together with a small selection of actively-managed funds and favoured individual stocks.

Interestingly, Professor Bessembinder has been quoted in the New York Times as saying that he personally invests in widely-diversified, low-cost index funds holding bonds and shares.

If you would like to discuss anything in this article, please call us on |PHONE|.


Written by Robin Bowerman, Head of Market Strategy and Communications at Vanguard.

Reproduced with permission of Vanguard Investments Australia Ltd

Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) is the product issuer. We have not taken yours and your clients’ circumstances into account when preparing this material so it may not be applicable to the particular situation you are considering. You should consider your circumstances and our Product Disclosure Statement (PDS) or Prospectus before making any investment decision. You can access our PDS or Prospectus online or by calling us. This material was prepared in good faith and we accept no liability for any errors or omissions. Past performance is not an indication of future performance.

© 2017 Vanguard Investments Australia Ltd. All rights reserved.

Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business, nor our Licensee take any responsibility for their action or any service they provide.

Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.


2017 financial year in review – John Owen

MLC 2017 year in review with John Owen

A rewarding year for investors

The financial year to 30 June was a very welcome contrast to the previous financial year when uncertainty was high and market returns were low. Despite political risks featuring prominently through the year and higher interest rates in the US, the financial year has been a rewarding one for investors (see Table 1).

The global economy’s improved performance over the past year and pick-up in corporate earnings were very supportive of share markets. Positive business surveys, rising consumer sentiment, solid jobs growth and lower unemployment have been evident across the US, Europe and Asia. This stronger global economic performance was sufficient to counter political uncertainty, especially in Europe where electoral success of anti-European Union parties was feared.

Table 1: Mainstream asset class returns (%) in Australian dollars – periods to 30 June 2017

Asset class

Returns *

1 yr

3 yrs (pa)

5 yrs (pa)

10 yrs (pa)






Australian bonds





Global bonds (hedged)





Global high yield bonds (hedged)





Australian property securities





Global property securities (hedged)





Australian shares





Global shares (hedged)





Global shares (unhedged)





Emerging markets (unhedged)





*Annualised returns. Past performance is not a reliable indicator of future performance.
Sources: FactSet, JANA Corporate Investment Services Limited.

Benchmark data include Bloomberg AusBond Bank Bill Index (cash), Bloomberg AusBond Composite 0+ Yr Index (Aust bonds), Barclays Global Aggregate Index Hedged to $A (global bonds), Composite benchmark of indices for MLC’s high yield managers (global high yield bonds hedged), S&P/ASX300 A-REIT Accumulation Index (Australian property securities), FTSE EPRA/NAREIT Developed Index hedged to $A (global property securities), S&P/ASX200 Accumulation Index (Aust shares), MSCI All Country World Indices hedged and unhedged in $A (global shares), and MSCI Emerging Markets in $A

Global shares are all “TRUMP-ed up” but risks are still evident

Global shares made robust returns over the past year, delivering 21.0% on a hedged basis.  The unhedged return was lower at 15.9% because the Australian dollar (AUD) strengthened against most of the world’s major currencies. The AUD’s resilience was surprising given that the US central bank has been raising interest rates while Australia’s economic data has been unspectacular. However, the rebound in iron ore and metal prices was particularly supportive for our currency.

In the US, the S&P500 Index gained 17.2% in local currency terms and achieved record highs. President Trump’s bold promises of corporate tax cuts, higher infrastructure spending and less regulation were supportive factors. European share markets also made remarkable gains given positive economic activity and encouraging business surveys. Germany’s was up 27.3% for the year and the French market gained 24.8%. Despite the uncertainty created by the surprise Brexit vote and the Conservative Party’s recent loss of their parliamentary majority, the UK share market increased by 16.9% as the weaker currency will benefit UK companies with offshore earnings.

Political risks were a major theme driving markets

Political risks featured prominently over the past year in terms of elections. Yet even with the dramatic headlines and surprising results, these elections have proven to be only temporary setbacks to risk taking.

Australia’s Federal Election in July 2016 started the political year of surprises with a narrow victory to the Turnbull Government. Turkey’s coup attempt in July 2016 caused some initial turbulence in emerging markets. The election of Donald Trump as US President in November 2016 was the major political event of the financial year. President Trump’s bold stimulus policy agenda inspired Wall Street. 

Even concerns over European political stability have proven transitory. Italy’s constitutional referendum setback in December with the resignation of Prime Minister Matteo Renzi had minimal impact. The early stages of the French Presidential campaign did cause some angst given Ms Marine Le Pen’s pledge for France to have a referendum on European Union membership. However the election of the moderate pro-European candidate in Emmanuel Macron as French President in May 2017 provided considerable assurance to investors. Britain’s general election in June 2017 provided the final political surprise with the Conservative Party losing their parliamentary majority, compelling Prime Minister Theresa May to seek the support of the Democrat Unionist Party to maintain power.  In March 2017, Britain finally triggered the start of a Brexit negotiation process. This political saga may have more surprising twists and turns ahead given the complex negotiations are due for completion in March 2019.

Central bank policies remain a key influence

With the global economy’s improved performance over the year, the central banks have been closely watching the markets, particularly the US.

The US economy recorded strong consumer spending and job gains. Notably the US unemployment rate fell to 4.3%, which is its lowest level since early 2001.  US price pressures have been reasonably contained with inflation running below the central bank’s 2% target. Given this healthy activity data, the US Federal Reserve (Fed) raised interest rates by 0.75% over the past year, which takes the Fed cash rate range to 1% to 1.25%. The Fed Chair Janet Yellen provided guidance that US interest rates should increase “a few times a year until the end of 2019”. This was welcomed by Wall Street.

In Europe, given the concerns over financial and political stability proved temporary, the European Central Bank has maintained low interest rates and the supportive asset purchase program. Europe’s unemployment rate fell to 9.3%, which is its lowest level since 2009.

Emerging markets enjoyed a sharp recovery…

The positive tone in developed markets extended to the emerging world with the MSCI Emerging Markets Index making a sharp recovery over the year, returning 20.5% on an unhedged basis. China’s share market gained 9% in response to the economy’s solid performance, which was driven by a large infrastructure spending stimulus program and a robust housing market.

There were also some very encouraging results for other key emerging markets. Brazil’s share market surged higher despite the political corruption scandals and the central bank aggressively cutting interest rates. India’s economic growth modestly slowed after the currency note swap (which invalidated India’s two biggest banknotes) in November 2016.  However India’s falling inflation and lower interest rates were supportive of India’s share market. Even Russia’s economy appears to be emerging from recession with the benefit of lower interest rates and despite the fall in oil prices which is Russia’s key commodity export.

…while commodity prices experienced a rollercoaster ride

It was a turbulent year however for commodity prices. Better global economic activity data, China’s infrastructure spending program and President Trump’s promises of accelerating US economic growth saw commodity prices surge initially.  Also notable was the agreement between the Organization of Petroleum Exporting Countries (OPEC) and Russia to reduce oil production.  This was the catalyst for oil prices to surge towards US$55 per barrel.

However this commodity rally faded by mid-2017, with the realisation that excess global supply outweighed the potential pickup in global demand.  Accordingly there were sharp falls recorded for the major commodities of oil, coal and base metals in the closing months of the financial year.

Iron ore also had a volatile performance during the year, rising strongly from US$55 to US$94 per tonne in February 2017, before fading back to US$65 per tonne in June 2017.

Bonds generally delivered modest returns

Global and Australian government bonds delivered modest returns as yields increased, due in part to higher US interest rates.  The rise in bond yields dampened the return of sectors such as listed property trusts, which until recently were favoured by yield seeking investors.

However there was some positive news in that global high yield bonds (hedged) had a very strong year with a return of 7.5%. Rising corporate profits as well as the promise of lower US corporate taxes saw credit spreads sharply narrow and corporate bond values rise.

Australia’s share market was a solid performer

Australia’s share market was stronger with the ASX200 Accumulation index rising by 14.1%. Favoured sectors were the resources laden Materials index which increased 25.8% and Utilities which was up 19.6%. While Australian bank shares were negatively impacted by the new levy announced in the Federal Budget, the Financials (ex-Australian Real Estate Investment Trusts, A-REITs) sector still managed to record a positive return of 20% for the year.   

Australia recorded mixed economic data over the past year. Australia’s annual economic growth at around 2% was subdued judging by historical measures. Despite better jobs growth, both the unemployment rate at 5.5% and underemployment rate at 8.8% remain high. Given this spare capacity in the labour market, wages growth remains subdued. Consumers have also been very cautious with their retail spending even though intense retail competition has constrained prices. Accordingly, Australia’s annual inflation has been sedate at 2.1% in the year to March 2017. In response to these mild wage and price pressures, Australia’s central bank cut the official cash rate from 1.75% to a historic low of 1.5% in August 2016.

In Sydney and Melbourne, lower mortgage rates have served to both extend the boom in residential property prices and support robust apartment construction. Australia’s business survey results have also been encouraging with the National Australia Bank survey showing strong gains for both confidence and conditions. The recent Federal Budget initiatives to raise infrastructure spending and cut small business tax rates have also been seen as beneficial by the corporate sector.

A ‘defensive’ portfolio stance is still justified

From a portfolio perspective, we have believed for some time now that it’s appropriate to be defensively positioned where possible in our MLC Horizon, Inflation Plus and Index Plus portfolios. Our view hasn’t changed. Markets are complacent despite the presence of numerous risks while valuations are stretched and expensive, so risk management remains foremost in our minds.   

We’ve been concerned that very low interest rates and large asset purchases by central banks have been the main driver of market returns, rather than economic fundamentals. President Trump’s promises of lower corporate taxes and higher infrastructure spending have simply added more fuel to this appetite for risk with investors chasing returns.  

Our defensive positioning is a function of these multiple risks, notably the continuing excessive level of debt in a number of countries, complacent market pricing, extreme monetary policy settings as well as limited room for policy manoeuvring in response to shocks.

This defensiveness has been achieved in a number of ways. We have maintained a low exposure to Australian shares. Our portfolios are holding more cash than is normal, including those managers we have appointed who have the discretion to hold cash to manage risk. We’ve maintained the allocation to alternative strategies which we believe will help preserve investors’ capital in volatile markets by providing potentially better returns. We have also taken steps to diversify the currency hedging in our multi-asset portfolios and we remain very selective of the type of fixed income we own in our portfolios.

In the MLC Inflation Plus portfolios, which have more asset allocation flexibility, we’ve also introduced a defensive Australian shares strategy. The new strategy enables us to increase our exposure to Australian shares – and benefit from the potential returns from this asset class – while carefully controlling the risk of these assets.

While these positions may not prevent negative returns in weak share market conditions, our caution should provide a degree of insulation.

How does MLC deal with uncertainty?

At MLC, we focus strongly on risk management. We believe managing risk for our investors is the sustainable way of generating returns for them – and in this unpredictable investment environment, it’s more critical than ever.  

As a result, we design and manage our multi-asset portfolios to be resilient in a wide range of possible market conditions. Using our market-leading investment approach, we constantly assess how our multi-asset portfolios are likely to perform in many potential market scenarios, both good and bad. We can then adjust our portfolios to manage possible risks and take advantage of potential return opportunities.

This careful analysis means our portfolios are widely diversified, risk-aware and positioned for many market environments.

If you would like to discuss anything in this article, please call us on |PHONE|.


Source: nab asset management July 2017

Important information

This communication is provided by MLC Investments Limited (ABN 30 002 641 661, AFSL 230705) (MLC), a member of the National Australia Bank Limited (ABN 12 004 044 937, AFSL 230 686) group of companies (NAB Group), 105-153 Miller Street, North Sydney 2060.

This information may constitute general advice. It has been prepared without taking account of an investor’s objectives, financial situation or needs and because of that an investor should, before acting on the advice, consider the appropriateness of the advice having regard to their personal objectives, financial situation and needs.

You should obtain a Product Disclosure Statement (PDS) relating to the financial product mentioned in this communication issued by MLC Investments Limited, and consider it before making any decision about whether to acquire or continue to hold the product. A copy of the PDS is available upon request by phoning the MLC call centre on 132 652 or on our website at

An investment in any product referred to in this communication is not a deposit with or liability of, and is not guaranteed by NAB or any of its subsidiaries.

Past performance is not a reliable indicator of future performance. The value of an investment may rise or fall with the changes in the market. The returns specified in this communication are reported before management fees and taxes.  Share market returns are all in local currency.

Any opinions expressed in this communication constitute our judgement at the time of issue and are subject to change. We believe that the information contained in this communication is correct and that any estimates, opinions, conclusions or recommendations are reasonably held or made as at the time of compilation. However, no warranty is made as to their accuracy or reliability (which may change without notice) or other information contained in this communication.

This information is directed to and prepared for Australian residents only.

MLC may use the services of NAB Group companies where it makes good business sense to do so and will benefit customers. Amounts paid for these services are always negotiated on an arm’s length basis.

Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) do not approve or endorse any information included in this material and disclaim all liability for any loss or damage of any kind arising out of the use of all or any part of this material.

The funds referred to herein is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds.


July Economic Update with Bob Cunneen

July Economic Update with Bob CunneenIn this update, Bob Cunneen, Senior Economist talks to Jason Hazell, Head of Investment Communications, about key events driving markets during June.

They discuss:

  • Australian shares posting a mild monthly performance

  • European share markets falling sharply in June

  • Asian shares proving resilient, and

  • the major themes driving markets continuing to be President Trump’s bold stimulus promises and signals from the US and European central banks that interest rates are set to rise.

Download the 2 page – July economic & market update

In the latest update, Bob talks to Myooran about key events driving markets during May.