Since inflation peaked at 9. 1 per cent in mid-2022, consumer prices have cooled dramatically, job growth has dwindled from nearly 4 per cent annually to a meagre 0. 9 per cent, nominal gross domestic product (GDP) expansion has halved from 10 per cent to 4. 6 per cent, and commodity prices have dropped 15 per cent.

I recently read an interesting post on Substack about the state of the market. However, there was one paragraph whose significance might have been missed, even by those who subscribe to the author’s musings.    Here’s the paragraph in question, followed by what I hope will prove a useful explanation. The paragraph was titled “No Equity Risk Premium.

There are four major criticisms for holding cash as an investment. But what if there was a simple alternative that went some way to invalidating those criticisms?

As we approach September 22, 2025, Westpac is set to redeem all $1. 7 billion of its Westpac Capital Notes 5 (WCN 5, ASX code: WBCPH). It’s the beginning of an avalanche of cash to be returned to investors – mostly Boomers – that will need to find a home elsewhere. Why?

In today’s dynamic financial landscape, and with public market volatility constantly rising, investors are increasingly seeking opportunities that strike a balance between solid returns and stability and diversification. Enter private credit, a rapidly and predictably growing asset class that’s reshaping how investors approach lending and portfolio construction.

A recent article in the Wall Street Journal captivated me with its blend of betrayal, eccentric characters, the contrast between opulence and collapse, and the modern-day parable of a crypto catastrophe. In addition to its spellbinding narrative, it reminded me of my mother’s advice to make your friends before you make your money.

As August 2025 has now wrapped up, Australia’s reporting season has again delivered a snapshot of the economy’s trajectory. For years, we’ve heard the refrain of a “resilient” domestic market weathering global headwinds, interest rate hikes, and inflationary pressures. But this time around, the narrative has evolved.