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The Point
Quick, actionable insights for investors
Income and Fixed Interest
Tim Hext: Three key takeaways from Australia’s latest national accounts data
Australia’s latest national accounts show GDP growth at 0.6% for the December quarter, suggesting economic conditions may be moving closer to “normal”.
But we may be “running to stand still” unless productivity starts improving, warns Pendal’s head of government bonds Tim Hext.
Tim has three takeaways from the latest data:
- The consumer is finally emerging, albeit tentatively, as a positive impact on the economy. Household consumption grew by 0.4%, contributing 0.2% to the 0.6% overall GDP growth. The contribution had been near zero over the previous year.
- Governments are still a big driver of GDP, even though their consumption and investment are falling. “Government needs to keep moderating spending and investment if the re-emerging consumer is to avoid causing inflationary pressures,” says Tim.
- Productivity continues to flat-line. GDP per hour worked fell again and was 1.2% lower over the year. “Unless we can start improving productivity, we will be running to stand still.”
On-demand webinar: How to position portfolios for a falling-rates environment
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On-demand webinar: How to position portfolios for a falling-rates environment
A gradual rate cut path over 2025 should support economic growth, meaning investors should think carefully about fixed-income positioning. Pendal’s TIM HEXT and ANZ’s ADAM BOYTON explain in a new webinar
Tim Hext: Inflation data ‘good news’ for the RBA
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Tim Hext: Inflation data ‘good news’ for the RBA
Tim Hext: Markets ‘complacent’ about tariffs and taxes
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Tim Hext: Markets ‘complacent’ about tariffs and taxes
Amy Xie Patrick: Finding the ‘sweet spot’ for fixed income funds
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Amy Xie Patrick: Finding the ‘sweet spot’ for fixed income funds
Many fixed-income investors will soon be looking for new opportunities as prudential regulator APRA starts to phase out bank hybrids from 2027.
Bank hybrids have been a popular cornerstone of income-generating portfolios. But did they truly live up to their promise – and is there a better strategy?
Pendal’s head of income strategies Amy Xi Patrick answers both questions in a new article.
Amy argues bank hybrids are ill-suited to serving a defensive role; not as easily bought and sold as investors might believe; and may not meet their “higher income potential”.
Investors can find better alternatives, she believes
“We start by mapping investment objectives to assets that have a proven track record of delivering against those objectives.
That means we don’t have to accept market narratives about hybrids (or any other asset types) that have not been entirely accurate.”
In this article, Amy describes a portfolio construction method she believes is better suited to producing a regular, stable and repeatable income stream and capital growth to help offset the effects of inflation.
Read the article
Tim Hext: To cut or not to cut? That’s the question for the RBA
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Tim Hext: To cut or not to cut? That’s the question for the RBA
Tim Hext: The door for rate cuts opens further
Amy Xie Patrick: What’s next for bonds under a Trump administration
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Amy Xie Patrick: What’s next for bonds under a Trump administration
In the final weeks leading up to the US election, political pollsters said it would be a close call.
Bond markets, on the other hand, traded like a Trump victory was in the bag.
While the market continues to show little love for bonds in the aftermath of the “Red Sweep”, this article looks at whether the bond short remains the correct “Trump trade”.
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Tim Hext: The market has eyes only for Trump
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Tim Hext: The market has eyes only for Trump
Amy Xie Patrick: Finding income in a post-hybrid market
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Amy Xie Patrick: Finding income in a post-hybrid market
Many fixed-income investors will soon be looking for new opportunities as prudential regulator APRA starts to phase out bank hybrids from 2027.
Bank hybrids have been a popular cornerstone of income-generating portfolios. But did they truly live up to their promise – and is there a better strategy?
Pendal’s head of income strategies Amy Xi Patrick answers both questions in a new article.
Amy argues bank hybrids are ill-suited to serving a defensive role; not as easily bought and sold as investors might believe; and may not meet their “higher income potential”.
Investors can find better alternatives, she believes
“We start by mapping investment objectives to assets that have a proven track record of delivering against those objectives.
That means we don’t have to accept market narratives about hybrids (or any other asset types) that have not been entirely accurate.”
In this article, Amy describes a portfolio construction method she believes is better suited to producing a regular, stable and repeatable income stream and capital growth to help offset the effects of inflation.
Read the article
Tim Hext: Inflation on track but still too high
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Tim Hext: Inflation on track but still too high
Tim Hext: What Australia’s ‘impressive’ jobs run could mean for markets
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Tim Hext: What Australia’s ‘impressive’ jobs run could mean for markets
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