Welcome to the February 2025 Edition of the BFG Report
Quarterly Economic Wrap – December 2024
Economic Summary
Australia
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.35% in December. The RBA acknowledges that headline inflation has eased substantially and will remain lower for some time but believes that underlying inflation continues to be too high, only expecting it to reach the mid-point of the 2-3% target in 2026.
The Australian economy grew by 0.3% during Q3 2024, following a 0.2% increase in each of the last three quarters but fell short of market forecasts of 0.4%. Fixed investment picked up strongly, driven by a record-high public investment. Yearly, the GDP expanded by 0.8%.
The monthly Consumer Price Index (CPI) in Australia increased by 2.3% p.a. in November, above forecasts of 2.2% and up from 2.1% in the previous two months. The increase was partly due to the timing of government electricity rebates, as most households received a single payment instead of two. Core CPI rose by 2.8% p.a. up from a nearly three-year low of 2.4% in October.
Australia’s seasonally adjusted unemployment rate dropped to 3.9% in November from 4.1% in October and substantially below market estimates of 4.2%. The participation rate stood at 67.0%, compared with forecasts and October’s data of 67.1%.
Retail sales in Australia benefited from black Friday sales increasing by 0.8% during November, up from 0.5% in October but falling short of market forecasts of 1%. It was the eight straight month of growth in retail trade.
Australia’s trade surplus on goods increased to $7.08b in November, up from $5.67b in October and surpassing market expectations of a gain of $5.75b. Exports (+4.8%) grew faster than imports (+1.7%).
United States
As forecast, the Federal Reserve announced another 0.25% cut to the official cash rate in December, marking the third consecutive reduction and bringing borrowing costs to the 4.25%-4.5% range. Policymakers now forecast just two rate cuts in 2025, totalling 0.50%, compared to 1% of reductions projected last quarter. The Fed also revised its GDP growth forecasts upward for 2024 (2.5% vs 2% Sept projection) and 2025 (2.1% vs 2%). Inflation projections have been also adjusted higher for 2024 (2.4% vs 2.3%) and 2025 (2.5% vs 2.1%).
As expected, annual inflation rate in the US rose for a 2nd consecutive month to 2.7% in November from 2.6% in October. The rise is partly influenced by low base effects from last year. Also, in line with forecasts, monthly basis, the CPI rose by 0.3%, slightly above October’s 0.2%.
The annual core CPI rose 3.3% as expected and matching October’s figures, while the monthly core inflation came in at 0.3% also matching October’s data and forecasts.
The US economy expanded an annualized 3.1% in Q3 2024, higher than 2.8% recorded in the previous estimate and above 3% in Q2. Personal spending increased at the fastest pace since Q1 2023 while fixed investment rose more than anticipated and government consumption growth was revised higher.
As expected, the unemployment rate in the US went up to 4.2% in November from 4.1% in October. The labor force participation rate edged down to 62.5% from 62.6%.
US retail sales increased 0.7% during November coming in above forecasts and October’s figure of 0.5%.
Europe
As expected, the European Central Bank (ECB) cut its key interest rates for the fourth time this year by 0.25% to 3% in December. The ECB forecast that inflation will ease to 2.4% in 2024 and 2.1% in 2025. Economic recovery is projected to be slower, with growth now expected at 0.7% in 2024 and 1.1% in 2025.
The annual inflation steadied at 2.4% in December up from 2.2% in November, but matching expectations. The increase was largely expected as last year’s sharp declines in energy prices are no longer factored in. Monthly CPI increased 0.4%, following a -0.3% decline in November.
The annual core inflation rate remained at 2.7% in December, the same as in the previous month. Monthly Core CPI increased by 0.5% following a -0.6% decline.
The unemployment rate in the Euro Area remained at a record low of 6.3% in November, unchanged from October and in line with forecasts. Spain still has the highest rate at 11.2% while Germany’s rate was 3.4%.
Monthly retail sales in the Eurozone increased 0.1% during November, following a -0.3% decline in October but came in below forecasts of 0.4%. Monthly retail sales increased +0.3% in France but fell -0.6% in Germany. Annual Eurozone retail sales were up 1.2%.
The Euro Area trade surplus eased to €6.8b in October from €9.4b in the same month of 2023 and missed expectations of €11.7b. Exports increased by 2.1% to €254b, while imports increased by 3.2% to €247.2b.
UK
As expected, the Bank of England (BoE) left the benchmark bank rate steady at 4.75% in December as CPI inflation, wage growth and inflation expectations had risen, adding to the risk of inflation persistence.
The annual inflation rate in the UK went up to 2.6% in November, the highest in eight months, compared to 2.3% in October but in line with forecasts. Monthly CPI increased by 0.1% also in line with forecasts, following a 0.6% rise in October.
The annual core inflation edged up to 3.5% in November from 3.3% in October, but below forecasts of 3.6%. Monthly core inflation was unchanged (0.0%) in November following a 0.4% rise in October and coming in above forecasts of 0.2%.
The UK’s unemployment rate was 4.3% from August to October, unchanged from the previous three-month period and aligning with expectations.
Retail sales in the UK edged up 0.2% during November, rebounding from a -0.7% fall in October but below forecasts of 0.5%. Black Friday, 29 November, fell outside the period and will be reflected in the December data. Annually, retail sales rose 0.5%, below 2.0% in October and forecasts of 0.8%.
The British economy contracted by -0.1% during October, following a similar decline in September and missing forecasts of a +0.1% expansion.
Japan
The Bank of Japan (BoJ) maintained their key short-term interest rate at 0.25% in December.
The annual inflation rate in Japan climbed to 2.9% in November from 2.3% in October. Food prices rose at the steepest pace in eight months while electricity prices and gas prices accelerated sharply with the absence of energy subsidies since May. The core inflation rate rose to 2.7% in November, up from 2.3% in October and surpassing estimates of 2.6%.
Japan’s unemployment rate stood at 2.5% in November 2024, holding steady from October and matching forecasts. The participation rate was 63.5% in November also holding steady from last month.
Retail sales in Japan grew by 2.8% p.a. in November, up from 1.3% in October and beating forecasts of a 1.7%.
Japan’s trade deficit shrank to JPY -117.62b in November from JPY 813.87b in November 2023 and came in lower than forecasts of JPY -688.9b. Exports increased by 3.8% while imports declined by -3.9%.
China
The People’s Bank of China (PBoC) retained their key lending rates in November, in line with forecasts. The one-year loan prime rate (LPR), the benchmark for most corporate and household loans, is 3.1%. The five-year rate, a reference for property mortgages, is 3.6%.
China’s annual inflation rate eased to 0.2% p.a. in November, below October’s 0.3% and forecasts of 0.5%. Monthly CPI fell -0.6% following Octobers decline of 0.3%. Annual core consumer prices increased 0.3% p.a. after a 0.2% gain in October, while monthly core CPI declined -0.1% in November after coming in flat during October.
China’s annual retail sales eased to 3.0% p.a. for the year to November from 4.8% in October and below forecasts of 4.6%. On a monthly basis, retail sales rose 0.16% in November, easing slightly from a 0.34% gain during October.
China’s surveyed unemployment rate was 5% in November unchanged from October and matching forecasts.
China’s new home prices in 70 cities shrank by -5.7% over the year to November, following the steepest decline of nine years of 5.9% in the previous month. This marked the 17th consecutive month of rolling annual declines. Monthly, new home prices dropped by -0.5% after declining by 0.7% per months for the last six months.
China’s trade surplus soared to US$97.44b in November from US$69.45b in the same period a year earlier, surpassing expectations of US$95b. Exports surged 6.7% yoy, below forecasts of 8.5% and declining from the 12.7% jump in October, but still marking the largest surplus in 26 months as manufacturers bring forward their orders before further tariffs from the incoming US government. Imports fell -3.9% yoy due to continued weak domestic demand, following a 2.3% fall in October and missing forecasts of a +0.3%.
Global Share Markets
| Australian Indices | 31 Dec 2024 | 1M Return | 30 Sep 2024 | 3M Return | |
| ▼ | S&P/ASX 200 | 8159 | -3.3% | 8270 | -1.3% |
| ▼ | All Ordinaries | 8421 | -3.2% | 8538 | -1.4% |
| ▼ | Small Ords | 3092 | –3.3% | 3138 | -1.5% |
| US Indices | |||||
| ▼ | S&P 500 | 5882 | -2.5% | 5762 | 2.1% |
| ▼ | Dow Jones | 42544 | -5.3% | 42330 | 0.5% |
| ▲ | Nasdaq | 19311 | 0.5% | 18189 | 6.2% |
| Asia Pacific Indices% | |||||
| ▲ | Hang Seng | 20060 | 3.3% | 21134 | -5.1% |
| ▲ | Nikkei 225 | 39895 | 4.4% | 37920 | 5.2% |
| UK & Europe Indices | |||||
| ▼ | FTSE 100 | 8173 | -1.4% | 8237 | -0.8% |
| ▼ | CAC40 | 1683 | -1.3% | 1583 | 6.3% |
| ▲ | DAX Index | 19909 | 1.4% | 19325 | 3.0% |
Sources: FactSet, MSCI, FTSE, S&P, Insignia Financial
Note: return is reported on a price basis and in local currency terms e.g., S&P500 performance is in US dollars and excludes dividends.
Wall Street share prices declined from their historic highs reached in November given persistent inflation and strong US economic activity data. US annual inflation rose in October and November reaching 2.7% p.a. from a 3 ½-year low of 2.4% in September. While the US central bank cut interest rates again in December by 0.25% as expected, it also amended their economic forecasts. The Fed raised their inflation expectations and reduced their interest rate cut forecasts. The Federal Reserve now expects only 0.5% of further rate cuts in 2025 instead of 1.0%.
Chinese stocks rebounded in December but were weak over the quarter. The Chinese government’s assurances that economic growth would meet the 5% target provided positive sentiment into the end of the year. The impaired property sector and its impact upon the broader Chinese economy continues to dominate broader sentiment.
Note: The sharp fall in the Australian Dollar (see Currencies) mitigated this negative share performance, allowing unhedged US and global shares to make a strong gain in December and elevating Q4 returns.
MSCI World Style Sub-Categories Accumulation
| Returns to 31 Dec 2024 | 1-mth | 3-mth | 6-mth | 1-yr |
| MSCI World Index | -1.9% | 2.0% | 6.9% | 21.6% |
| Value | -5.0% | -2.0% | 5.8% | 14.5% |
| Value-Weighted | -2.4% | 0.8% | 5.6% | 16.2% |
| Momentum | -1.9% | 2.5% | 3.1% | 33.8% |
| Growth | 1.1% | 5.9% | 8.0% | 28.7% |
| Quality | -2.5% | -1.5% | 1.0% | 20.7% |
| Low volatility | -4.0% | -1.4% | 6.4% | 14.5% |
| Equal weight | -2.8% | -0.3% | 6.1% | 12.9% |
| Small caps | -4.8% | 0.3% | 7.7% | 13.2% |
Source: FactSet, MSCI, Insignia Financial Research
Note: The MSCI World Style sub-category returns are in local currency and do not reflect the impact of the AUD depreciation for Australian investors.
The global Growth sub-category was able to offset the global equity weakness to eke out a positive return and outperform during December. Quality underperformed the broader market and the Growth sub-category during December despite the index incorporating companies with strong earnings return on capital.
The Value sub-category underperformed hurt by the changing expectation of inflation and interest rate cuts, despite the relatively inexpensive prices of stocks. The Global Small Cap sub-category also suffered during the “risk off” during December, giving back most of the November’s impressive performance.
Australian Equity
| ASX/S&P 200 Sectors Accumulation Returns | ||||
| Sector | 1 Mth | 3 Mths | 6 Mths | 1 Yr |
| S&P/ASX 200 Index | -3.2% | -0.8% | 6.9% | 11.4% |
| Consumer Discretionary | -0.8% | 2.1% | 12.8% | 23.9% |
| Consumer Staples | 0.6% | -5.4% | -3.2% | -1.1% |
| Energy | 0.3% | -5.4% | -11.3% | -13.9% |
| Financials | -4.2% | 5.9% | 14.7% | 33.7% |
| Health Care | -1.9% | 1.9% | 2.2% | 7.5% |
| Industrials | 0.3% | 3.3% | 14.1% | 15.1% |
| Information Technology | -4.4% | 0.9% | 17.2% | 49.9% |
| Materials | -4.5% | -11.9% | -2.3% | -13.7% |
| Real Estate | -6.0% | -6.0% | 7.6% | 18.5% |
| Telecomm Services | 1.4% | 2.5% | 12.1% | 5.0% |
| Utilities | 0.4% | 1.6% | 0.3% | 17.5% |
Source: Lonsec Insignia Financial
Australian shares declined from their record high in November as investors digested the potential for less rate cuts domestically and abroad. Traditional interest rate sensitive sectors Financials and Real Estate lagged. Information technology companies also underperformed as investors took profits.
Materials declined during December and Q4 as investors continue to be disheartened by expect weak commodity demand, US tariffs on Chinese imports and a lack of any details of Chinese fiscal stimulus.
MSCI Australia Style Sub-Categories Accumulation
| Returns to 31 Dec 2024 | 1-mth | 3-mth | 6-mth | 1-yr |
| MSCI Australia Index | -3.1% | -0.7% | 6.7% | 11.7% |
| Value | -3.5% | -4.6% | 2.5% | 3.7% |
| Value-Weighted | -3.3% | -1.6% | 5.4% | 9.6% |
| Momentum | -3.6% | 2.8% | 12.3% | 21.1% |
| Growth | -2.7% | 3.0% | 10.5% | 19.6% |
| Quality | -1.8% | -0.8% | 6.1% | 6.7% |
| Low volatility | -2.2% | 0.6% | 7.2% | 12.9% |
| Equal weight | -3.8% | -1.9% | 6.9% | 10.9% |
| Small caps | -3.5% | -3.2% | 5.4% | 8.6% |
Source: FactSet, MSCI, Insignia Financial Research
The MSCI Australian Momentum subcategory diverged from its global peers and underperformed the broader market. In Australia, both Financials and IT have experienced positive momentum for the majority of the year, however, December proved difficult for both sectors (see above). The Value sub-category also underperformed the broader market, driven by the weakness in the Financials, especially the banks, and other companies awaiting a more supportive environment that should accompany future interest rate easing.
Fixed Income
| Fixed Income | 31 Dec 2024 Yield | 1M mvt
(bps) |
30 Sep 2024
Yield |
3M mvt
(bps) |
|
| – | Australian Cash rate | 4.35 | — | 4.35 | — |
| ▲ | 10-year Bond Yield | 4.37 | 0.03 | 3.97 | 0.39 |
| ▲ | 3-year Bond Yield | 3.83 | -0.09 | 3.54 | 0.29 |
| ▲ | 90 Day Bank Accepted Bills | 4.25 | -0.36 | 4.40 | -0.14 |
| ▲ | US 10-year Bond Yield | 4.57 | 0.40 | 3.79 | 0.79 |
| ▲ | US 3-year Bond Yield | 4.27 | 0.18 | 3.56 | 0.72 |
| ▲ | US Invest Grade spread | 1.12 | 0.04 | 1.25 | -0.12 |
| ▲ | US High Yield spread | 2.87 | 0.21 | 2.95 | -0.08 |
Source: FactSet, Insignia Financial
Note: An increase in yield results in a reduction in the price of the bond.
Australian bond market
The Australian 10-yr government bond yield was relatively steady during December, rising 0.03%, however, market sentiment was influenced by the US bond market which moved higher (10 yr, up by +0.4%).
Australian Economic data continues to be mixed the Labour market continues to be strong, with unemployment falling to 3.9%, while the September GDP data confirming subdued growth of only 0.3% for the quarter and 0.8% over the past year. The RBA acknowledge that the upside risks to inflation appear to have eased and the downside risks have strengthened. The RBA will “continue to rely upon data and the evolving assessment of risks, including geopolitical uncertainties, to guide its decisions.”
Global bond markets
The US government bond yield curve rose across all maturities from 2-years (up 0.08%) to 30-years (up 0.42%) as US economic data reinforced a resilient economy (lower unemployment) and stubborn inflation.
Investors also weighed the expected policies of the incoming Trump administration which is expected to be positive for businesses and the US economy but may create headwinds for progress against inflation. Trump has already announced tariffs on all Chinese imports as well as looking to introduce new tariffs on Canadian and Mexican imports. The existing personal tax cuts are almost guaranteed to be extended and it is expected that the administration may also propose reductions to corporate tax rates.
While these factors are US economy centric, the influences are felt in non-US markets. The higher US bond yields has placed pressure on the Euro and British Pound which may create a challenge of the regions potentially importing inflation, which then could place pressure on interest rate expectations.
The same is true for Australia and the AUD. Our exports of metals and materials remain under pressure with the Chinese economic woes, but we are dependent on imports for consumer and capital goods. If the AUD weakness creates inflationary pressure on those prices, it may reduce the pace and number of interest rate cuts the RBA will be comfortable making in 2025.
Currencies
| Currency | 31 Dec 2024 | 1M Change (%) | 30 Sep 2024 | 3M Change (%) | |
| ▼ | $A vs $US | 0.619 | -5.0% | 0.691 | -10.5% |
| ▼ | $A vs GBP | 0.495 | -3.3% | 0.517 | -4.3% |
| ▼ | $A vs YEN | 97.290 | 0.0% | 99.320 | -2.0% |
| ▲ | $A vs EUR | 0.598 | -2.9% | 0.621 | -3.7% |
| ▼ | $A vs $NZ | 1.106 | 0.6% | 1.089 | 1.6% |
| ▲ | $US vs EUR | 0.966 | 2.2% | 0.898 | 7.5% |
| ▲ | $US vs CNY | 7.298 | 0.8% | 7.018 | 4.0% |
| ▲ | $US vs GBP | 0.799 | 1.8% | 0.748 | 6.9% |
| ▼ | $US vs JPY | 157.209 | 5.0% | 143.638 | 9.4% |
| ▲ | $US vs CHF | 0.907 | 3.0% | 0.846 | 7.3% |
| ▲ | US Dollar Index | 108.487 | 2.6% | 100.779 | 7.6% |
Source: FactSet, Insignia Financial
The US Dollar continued its uptrend against all currencies as the US Bond market repriced expectations of less interest rate cuts over 2025.
The Japanese Yen was the weakest of the cross currencies as the Bank of Japan Governor Kazuo Ueda explained that the economy is still progressing toward stable inflation, the central bank will maintain its accommodative monetary policies, keeping the policy rate below the neutral level for now. He also reiterated the importance of assessing domestic and global risks.
The AUD fell against the US dollar for the third month in a row in December closing at its lowest level since the pandemic selloff in early 2020. The RBA held rates steady as expected, but their media statement and meeting minutes indicate that the near-term environment is supportive of rate cuts. In The US, the Federal Reserve cut their rates as expected, but their projections of inflation and interest rates for 2025 were revised higher.
Performance as of 31 December 2024
| 1-mth | 3-mth | 6-mth | 1-yr | 3-yr p.a. | 5-yr p.a. | 7-yr p.a. | 10-yr p.a. | ||
| Shares | Australia | -3.2% | -0.8% | 6.9% | 11.4% | 7.4% | 8.1% | 8.5% | 8.5% |
| Australia – mid cap | -3.8% | -0.7% | 8.7% | 12.4% | 4.3% | 10.0% | 8.9% | 11.3% | |
| Australia – small cap | -3.1% | -1.0% | 5.5% | 8.4% | -1.6% | 4.0% | 4.4% | 7.3% | |
| Australia – microcap | 0.7% | 0.1% | 9.7% | 15.7% | -3.7% | 10.3% | 8.0% | 10.9% | |
| World ex Australia | 2.6% | 12.1% | 14.7% | 31.2% | 12.2% | 14.1% | 14.1% | 13.2% | |
| World ex Australia (Hedged) | -1.9% | 1.9% | 6.5% | 20.7% | 6.4% | 10.5% | 9.9% | 10.3% | |
| World – small cap | -1.1% | 9.2% | 14.9% | 19.2% | 6.1% | 9.2% | 9.4% | 10.5% | |
| Emerging Markets | 5.1% | 3.1% | 7.9% | 18.5% | 3.5% | 4.3% | 4.8% | 6.6% | |
| Property & Infrastructure | A-REITS | -6.0% | -6.0% | 7.6% | 18.5% | 3.5% | 5.9% | 7.3% | 8.4% |
| Global REITs | -2.2% | 1.2% | 13.1% | 11.2% | -0.9% | 1.5% | 4.7% | 5.1% | |
| Global REITs (hedged) | -6.4% | -7.5% | 5.0% | 2.8% | -5.6% | -1.4% | 1.2% | 2.6% | |
| Global infrastructure | -0.9% | 5.6% | 15.5% | 20.7% | 7.7% | 5.9% | 8.6% | 8.4% | |
| Global infrastructure (Hedged) | -5.1% | -3.4% | 8.0% | 12.1% | 2.1% | 2.9% | 5.0% | 5.9% | |
| Fixed income | Australia Total Market | 0.5% | -0.3% | 2.7% | 2.9% | -0.8% | -0.2% | 1.5% | 2.0% |
| Australia government bonds | 0.5% | -0.5% | 2.6% | 2.4% | -1.3% | -0.5% | 1.3% | 1.8% | |
| Australia corporate bonds | 0.7% | 0.7% | 3.8% | 5.4% | 1.6% | 1.7% | 2.8% | 3.1% | |
| Australia floating rate bonds | 0.4% | 1.3% | 2.7% | 5.7% | 4.0% | 2.8% | 2.7% | 2.8% | |
| Global Total Market (Hedged) | -0.9% | -1.2% | 2.7% | 2.2% | -1.9% | -0.5% | 0.9% | 1.8% | |
| Global government bonds (Hedged) | -0.8% | -1.0% | 2.6% | 1.8% | -1.9% | -0.6% | 0.8% | 1.7% | |
| Global corporate bonds (Hedged) | -1.4% | -1.9% | 2.8% | 2.5% | -2.5% | -0.4% | 1.1% | 2.3% | |
| Global high yield bonds (Hedged) | -0.3% | 0.9% | 6.1% | 9.6% | 2.2% | 2.5% | 2.9% | 4.7% | |
| Cash | Bloomberg AusBond Bank Bill Index | 0.4% | 1.1% | 2.2% | 4.5% | 3.2% | 2.0% | 1.9% | 1.9% |
Sources: FactSet, Lonsec
Appendix – Index sources
| Asset class | Index |
| Australian equities (S&P/ASX 200) | S&P/ASX 200 Accumulation Index |
| Australian equities – Mid caps | S&P/ASX Accumulation Midcap 50 Index |
| Australian equities – Small caps | S&P/ASX Accumulation Small Cap Ordinaries Index |
| Australian equities – Micro caps | S&P/ASX Emerging Companies Total Return Index |
| International equities | MSCI World ex Australia Net Total Return (in AUD) |
| International equities (Hedged) | MSCI World ex Australia Hedged AUD Net Total Return Index |
| International equities – Small caps | MSCI World Small Cap Net Total Return USD Index (in AUD) |
| Emerging Markets equities | MSCI Emerging Markets EM Net Total Return AUD Index |
| Australian REITs | S&P/ASX 200 A-REIT Accumulation Index |
| Global REITs | FTSE EPRA/NAREIT Developed Index Net Total Return (in AUD) |
| Global REITs (Hedged) | FTSE EPRA/NAREIT Developed Index Net Total Return (Hedged to AUD) |
| Global Infrastructure | FTSE Global Core Infrastructure 50/50 Net Total Return in AUD |
| Global Infrastructure (Hedged) | FTSE Global Core Infrastructure 50/50 100% Hedged to AUD Net Tax Index |
| Australian bonds | Bloomberg AusBond Composite 0+ Yr Index |
| Australian bonds – government | Bloomberg AusBond Govt 0+ Yr Index |
| Australian bonds – corporate | Bloomberg AusBond Credit 0+ Yr Index |
| Australian bonds – floating rate | Bloomberg AusBond Credit FRN 0+ Yr Index |
| Global bonds (Hedged) | Bloomberg Barclays Global Aggregate Total Return Index Value Hedged AUD |
| Global bonds – government (Hedged) | Bloomberg Barclays Global Aggregate Treasuries Total Return Index Hedged AUD |
| Global bonds – corporate (Hedged) | Bloomberg Barclays Global Aggregate Corporate Total Return Index Hedged AUD |
| Global bonds – High Yield (Hedged) | Bloomberg Barclays Global High Yield Total Return Index Hedged AUD |
| Cash (AUD) | Bloomberg AusBond Bank Bill Index |
High yielding internet savings accounts
| Financial Institution | Interest Rate** | Financial Institution | Interest Rate** | |
| Rabobank | 5.60% | MOVE Bank | 5.50% | |
| ING | 5.50% | Bankwest | 5.35% | |
| Ubank | 5.50% | Macquarie Bank | 5.35% |
** Rates are subject to conditions and change. Rates are correct as at 17 February 2025
This document is prepared by BFG Financial Services (BFG). General Advice Disclaimer: The information in this document is general advice only and does not consider the financial objectives, financial situation or needs of any particular investor. Before acting on this document, you should assess your own circumstances or seek personal advice from us. This report is current as at the date of issue but may be subject to change or be superseded by future publications. The content is current as at the date of issue and may be subject to change. If an investor requires access to other research reports, they should ask their adviser. In some cases, the information has been provided to us by third parties. While it is believed that the information is accurate and reliable, the accuracy of that information is not guaranteed in any way. Past performance is not a reliable indicator of future performance, and it should not be relied on for any investment decision. Whilst care has been taken in preparing the content, no liability is accepted BFG, nor their agents or employees for any errors or omissions in this report, and/or losses or liabilities arising from any reliance on this report. This report is not available for distribution outside Australia and may not be passed on to any third person without the prior written consent of BFG.
