Macro & Market Research
Corporate Profits Are at Record Highs. AI Could Make the Gap Even Wider.
US corporate profits have roughly doubled as a share of GDP since the 1980s while the top 1 per cent of firms now control 80 per cent of sales. New economics research spanning a century of data finds concentration accounts for a third of the margin increase, and history suggests AI will widen the gap further.
Australia’s Biggest CGT Change in 25 Years. What It Means for Investors.
The FY2027 Commonwealth Budget delivered the biggest change to capital gains tax since 1999. Institutional sell-side economics research assessed the...
The Australian Consumer Was Already Last in the G10 on Spending. The RBA Hiked Anyway.
The G10 consumer dashboard puts Australian household spending growth dead last in the developed-market cohort. Tuesday’s RBA hike to 4.35 percent continues the squeeze. What that means for a domestic portfolio.
The Q1 CPI Was Mixed. The RBA Still Has to Hike on Tuesday.
The Reserve Bank Board meets on Monday and Tuesday next week with a rate decision at 2:30pm AEST on Tuesday. This is the most anticipated...
Why the Iran Oil Shock Points to More RBA Hikes, Not Fewer
The default narrative around the Iran conflict and the oil spike that has followed it is that it is bad news, full stop. Higher energy costs feed...
Supply Shock to Knock the RBA Off the “Narrow Path” and Into the Rough
We held a positive outlook on the Australian macro earlier this year, but that view has been substantially undermined by the war in Iran. Surging...
Gold Investment Primer and Why Gold Matters for Investors
The Gold Market and Why It Matters for Investors Gold is one of the most misunderstood assets in modern finance. It generates no cash flow, pays no...
Energy Security After the Middle East Conflict and What It Means for Solar and Coal
Energy Security After the Middle East Conflict and What It Means for Solar and Coal The 2026 Middle East conflict has forced a global reassessment...
Why Higher Natural Gas Prices Are a Bigger Problem Than Oil
Why Higher Natural Gas Prices Are a Bigger Problem Than Oil Most of the attention since the Iran conflict began has focused on oil prices, and...
Oil Prices After the Strait of Hormuz Closure
Oil Prices After the Strait of Hormuz Closure With the Strait of Hormuz now assumed closed until at least mid-April, commodity strategists have...