Welcome to the November 2024 Edition of the BFG Report
Warning signs: five ways scammers lure investors
Lured by too-good-to-be-true investment opportunities or under pressure from fake fraud report calls, more than 600,000 Australians reported a scam in 2023, collectively losing over $2.74 billion.
Scammers use advanced technology and social engineering tactics to create completely believable opportunities or threats. Here are five common financial scams.
- Investment and crypto scams
In 2023, Australians lost $1.3 billion to investment scams. Enticed by a low-risk, high-return offer, they might start with a small investment and keep adding more as they see ‘instant’ returns in their portfolio. It is only when they try to withdraw funds that they realise the platform is fraudulent – typically around six months later once the investment lifecycle is complete. Crypto scams are a subset of investment scams, and they are harder to trace.
Tip: Do not respond to an advertisement or cold call. Before deciding on an investment, check with ASIC that the company is licensed to offer investments, and independently verify their contact details before you engage with them.
- Money recovery scams
Once you have been a victim of an investment scam – particularly a crypto scam – your details may be sold on the dark web to money recovery scammers. You may then receive targeted communication promising to recover that lost investment – for a fee. This can lead to threatening behaviour or blackmail, putting already vulnerable clients under further stress.
Tip: Be extra vigilant, especially if you have already been scammed. If someone is putting you under pressure to transact, just hang up. Legitimate fund recovery services exist; however, victims should approach them with caution and independently verify their contact details.
- Payment redirection scams
Weak passwords can make business email accounts easier to compromise, enabling a scammer to amend invoices or payment instructions sent via email and redirect funds into their own account. For example, you may receive property settlement instructions from your solicitor, or an adviser might receive an email from a client requesting an urgent payment to a new account. It is important to check first if those emails are legitimate.
Tip: Speak directly to a known contact to verbally verify their instructions, if a payment is required urgently or the details are inconsistent with previous transactions. And never use the contact details included on an email, as they might lead to the scammer.
- Remote access scams
If you receive a call from a familiar organisation, such as a telco, technology provider, or the Australian Federal Police, you may be convinced to share your screen to ‘fix’ a fake security issue, check system errors or internet connection problems.
The scammer will coerce you to download remote access software onto your device, and then direct you to log into your internet banking account. From there the scammer will gain control of the device and proceed to action fraudulent transactions.
Tip: Do not give any third party or cold caller remote access to your devices, and never share your login details or authentication rolling codes. It’s the digital equivalent of handing them your passport or the keys to your house.
- Bank impersonation scams
Some scammers will impersonate a fraud analyst from a bank and use fear to coerce you into re-setting online banking passwords and authorising transactions believing you are simply cancelling a pending fraudulent transaction.
Tip: Banks and other financial institutions should never ask you to transfer funds to ‘protect you from fraud,’ share secure codes from your Authenticator app, or ask you to download remote access software. Always check what you are authorising before you accept a push notification.
Source: Macquarie Bank
Quarterly Economic Wrap – September 2024
Economic Summary
Australia
The Australian economy grew less than expected, up +0.2% during the second quarter. GDP was mainly supported a further rise in government spending (1.4% vs 1.2% in Q1) following extension of benefits. Household spending declined (-0.2% vs 0.6%). GDP grew 1.5% in 2023-24, the weakest since 1991-92 (excl the pandemic).
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.35% in September. The RBA considers inflation momentum too high excluding the temporary Energy Bill Relief rebate.
The monthly CPI indicator rose less than expected, up 2.7% p.a. in August, down from 3.6% in July. The Energy Bill Relief Fund rebate had a big impact, with electricity falling the most on record (-17.9%). Excluding volatile items & travel, CPI rose 3.0% (vs 3.7%) while the trimmed mean, excluding the energy rebate, rose 3.4% (vs 3.8%).
Australia’s seasonally adjusted unemployment rate stood at 4.2% in August, unchanged from July’s 2.5-year high. The participation rate remained at 67.1%.
Australia’s trade surplus on goods came in above expectations at $5.64b in August, unchanged from July. Exports fell -0.2% from a month earlier to $43.23b while Imports also dropped -0.2% to a 4-month low of $37.58b.
The Westpac–Melbourne Institute Consumer Sentiment Index dipped -0.5% to 84.6 in September. Cost-of living pressures are easing, and Consumers are less fearful of interest rate rises but are becoming more concerned about the economy and what this could mean for jobs.
Australia’s NAB Business Confidence index dropped to -4 in August (+1 July). Business conditions fell to below average, due to a sharp drop in employment and small declines in sales and profitability.
United States
The Federal Reserve cut the target range for the fed funds rate by a larger than expected 0.5% to 5% in September. The central bank released new forecasts suggesting two more 0.25% cuts this year. An additional 1.0% of cuts are suggested in 2025 and 0.5% across 2026.
The annual inflation rate in the US came in less than expected, up only 2.5% in August from 2.9% in July. Monthly, the CPI rose 0.2%, the same as in July. Core inflation remained steady at a three-year low of 3.2% but monthly core inflation edged up to 0.3% from 0.2%.
The unemployment rate in the US eased to 4.2% in August from July’s high of 4.3%. The labour force participation rate remained stable at 62.7%.
Retail sales in the US rose 0.1% during August following a 1.1% surge in July and beating forecasts of -0.2% decline.
The ISM Services Purchasing Managers Index (PMI) in the US soared higher than expected to 54.9 in September from 51.5 in August. This was the strongest growth in the services sector since February 2023, amid increases in business activity, new orders, and inventories.
Europe
As expected, the European Central Bank (ECB) reduced their interest rates by 0.25% to 3.5% in September.
Annual inflation rate in the Eurozone fell to 1.8% in September compared to 2.2% in August and forecasts of 1.9%. Core inflation rate also eased to 2.7% from 2.8%. The ECB expects inflation to rise again in the latter part of 2024, as the previous sharp falls in energy prices will drop out of the annual rates.
Retail sales in the Euro Area edged higher by 0.1% during July, in line with consensus, rebounding slightly from the -0.4% slump in the prior month.
The Euro Area recorded a greater than expected trade surplus of EUR 21.2b in July, significantly higher than the EUR 6.7b surplus from the same month last year. Exports jumped by 10.2% year-on-year to EUR 252b, while imports rose at a slower 4% to EUR 230b.
The HCOB Flash Eurozone Composite PMI fell to 48.9 in September compared to 51 in August and forecasts of 50.6. Manufacturing output of the Eurozone has recorded its 18th consecutive month of contraction below 50 (44.5 vs 45.8), Service sector growth slowed sharply (50.5 vs 52.9).
UK
As widely expected, the Bank of England (BOE) kept the interest rates unchanged at 5% during its September meeting, following a 0.25% cut in August.
As expected, the United Kingdom’s unemployment rate fell to 4.1% in July, down from 4.2% in June. The number of employed individuals surged by 265 thousand, the highest increase in over 1½ years, reaching 33.23m.
Annual inflation rate in the UK steadied at 2.2%p.a. in August, the same as in July, and in line with expectations. Core CPI came in above expectations, increasing to 3.6% in August from 3.3% in July. Compared to July month, the CPI rose 0.3%, following a -0.2% fall in July, while the Core CPI rose 0.4% following a 0.1% rise in July.
Retail sales in the UK jumped 1% during August, following a 0.7% rise in July and well above forecasts of 0.4%. Year-on-year, retail sales came in above expectations at 2.5% p.a., the most since February 2022, after a 1.5% p.a. gain in July.
The British economy stalled once again (0.0%) during the month of July, mirroring June’s performance, and below forecasts of a 0.2% increase.
Japan
As expected, the Bank of Japan (BoJ) kept its key short-term interest rate unchanged at 0.25% at its September meeting.
The annual inflation rate in Japan rose to 3.0% in August from 2.8% in July. Electricity prices increased the most since March 1981 (26.2%) after the end of energy subsidies in May. The core inflation rate rose to 2.8% in August, accelerating for the 4th month. Monthly, the CPI rose by 0.5% in August, after 0.2% in July.
Japan’s trade deficit decreased to JPY 695.30b in August from JPY 940.10b in the same month a year earlier, but it was better than expectation. Exports grew by 5.6%, marking the ninth consecutive month of expansion, but below forecasts of 10.0%. Imports rose by a modest 2.3%, falling short of an expected 13.4% surge.
China
The People’s Bank of China (PBoC) lowered its one-year policy loan rate, known as the medium-term lending facility (MLF), to 2.0% from 2.3% on September 25th. The PBoC also introduced comprehensive economic stimulus measures to revive the economy involving a 0.5% reduction in the reserve requirement ratio, a 0.2% cut in the key short-term interest rate, and an 0.5% decrease for existing mortgage loans.
China’s surveyed unemployment rate increased to 5.3% in August from 5.2% in July and above forecasts of 5.2%.
China’s annual inflation rate edged up to 0.6% in August from 0.5% in July, but below forecasts of 0.7%. Food prices rose the fastest in 19 months (+2.8% p.a.). Core consumer prices increased 0.3% p.a. Monthly, the CPI rose by 0.4% and core inflation declined -0.2%.
China’s new home prices in 70 cities shrank by -5.3% p.a. in August, after a -4.9% fall in year to July. Monthly, prices dropped by -0.7% for the 4th consecutive month.
China’s trade surplus widened to US$91.02b in August from US$67.81b in the same period last year and beating expectations. Exports rose 8.7%, more than expected and accelerating from 7.0% in July while Imports rose 0.5% less than expected and slowing sharply from 7.2% in July.
China’s retail sales grew by 2.1% p.a. in August, moderating from 2.7% in July and missing expectations of 2.5%. On a monthly basis, retail trade was almost flat after rising 0.35% in July.
China’s industrial production advanced by 4.5% p.a. in August, below market expectations of 4.8% and easing from a 4.8% in July. The latest reading was the 4th straight month of moderation in output. Monthly, industrial activity advanced 0.32%, after a 0.35% gain in July.
Global Share Markets
| Australian Indices | 30 Sept 2024 | 1M return | 30 Jun 2024 | 3M return | |
| ▲ | S&P/ASX 200 | 8270 | 2.2% | 7768 | 6.5% |
| ▲ | All Ordinaries | 8538 | 2.7% | 8014 | 6.5% |
| ▲ | Small Ords | 3138 | 4.4% | 2973 | 5.5% |
| US Indices | |||||
| ▲ | S&P 500 | 5762 | 2.0% | 5460 | 5.5% |
| ▲ | Dow Jones | 42330 | 1.8% | 39119 | 8.2% |
| ▲ | Nasdaq | 18189 | 2.7% | 17733 | 2.6% |
| Asia Pacific Indices | |||||
| ▲ | Hang Seng | 21134 | 17.5% | 17719 | 19.3% |
| ▼ | Nikkei 225 | 37920 | -1.9% | 39583 | -4.2% |
| UK & Europe Indices | |||||
| ▼ | FTSE 100 | 8237 | -1.7% | 8164 | 0.9% |
| ▼ | CAC40 | 1583 | -0.3% | 1586 | -0.2% |
| ▲ | DAX Index | 19325 | 2.2% | 18235 | 6.0% |
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.
Global share prices delivered solid returns in September and over the quarter despite a flash equity market sell off late August/early September. Australian, US and Chinese equities were the standouts for the month and quarter.
The Federal Reserve’s 0.5% cut to US interest rates was the primary driver of Wall Street’s share gains. Milder jobs growth and moderate inflation results generated optimism that the rates should continue to decrease.
The Hong Kong and Chinese markets jumped strongly on the Bank of China’s 24 Sept announcement of cuts to various interest rates to help stimulus the economy. Investors appear confident that more stimulus measures will soon follow. In contrast, the Japanese market was weak for the month and quarter as the Bank of Japan increased interest rates with more expected to come.
MSCI World Style Sub-Categories Accumulation
| Returns to 31 Sept 2024 | 1-mth | 3-mth | 6-mth | 1-yr |
| MSCI World Index | 1.5% | 4.8% | 8.1% | 31.0% |
| Value | 1.4% | 7.9% | 7.4% | 26.1% |
| Value-Weighted | 0.8% | 4.7% | 5.1% | 24.6% |
| Momentum | 1.3% | 0.6% | 6.9% | 43.2% |
| Growth | 1.7% | 1.9% | 8.9% | 35.8% |
| Quality | 0.2% | 2.5% | 8.6% | 36.1% |
| Low volatility | -0.2% | 7.9% | 8.0% | 21.8% |
| Equal weight | 1.8% | 6.5% | 5.5% | 22.9% |
| Small caps | 1.8% | 7.3% | 5.1% | 24.2% |
Source: FactSet, MSCI, Insignia Financial Research
Equity markets sold down sharply late August/early September driven by US unemployment data and a rise in Japanese interest rates. This led to a rotation into the previously unloved style subcategories of MSCI Value, Low Volatility and Small Cap companies, which can be seen outperforming over the quarter in the table above. Growth lagged over the quarter as investors cashed in profits and rotated to other styles and sectors. Growth rebounded in September outperforming the broader market.
Australian Equity
| ASX/S&P 200 Sectors Accumulation Returns | ||||
| Sector | 1 Mth | 3 Mths | 6 Mths | 1 Yr |
| S&P/ASX 200 Index | 3.0% | 7.8% | 6.7% | 21.8% |
| Consumer Discretionary | 1.5% | 10.5% | 7.5% | 28.7% |
| Consumer Staples | -1.7% | 2.3% | 2.5% | 4.7% |
| Energy | 0.1% | -6.2% | -12.6% | -17.2% |
| Financials | 0.1% | 8.3% | 12.7% | 36.6% |
| Health Care | -3.2% | 0.3% | 2.2% | 19.3% |
| Industrials | 0.6% | 10.4% | 5.5% | 17.9% |
| Information Technology | 7.4% | 16.1% | 19.4% | 58.3% |
| Materials | 13.1% | 10.8% | 4.4% | 11.0% |
| Real Estate | 6.6% | 14.5% | 8.0% | 47.0% |
| Telecomm Services | -1.0% | 9.4% | 3.4% | 5.1% |
| Utilities | 2.8% | -1.2% | 11.9% | 13.3% |
Source: FactSet, Insignia Financial
Australian shares delivered a strong quarterly return of 7.8%. The IT sector delivered a strong quarterly return on AI optimism. Real Estate Investment Trusts (REITS) provided the next best quarterly return given that lower global interest rates raised hopes for eventual interest rate cuts in Australia. The Materials sector was boosted by China’s stimulus announcements in September which helped lift their quarterly return. The Energy sector was the standout laggard dragged down by falling oil prices.
MSCI Australia Style Sub-Categories Accumulation
| Returns to 30 Sept 2024 | 1-mth | 3-mth | 6-mth | 1-yr |
| MSCI Australia Index | 2.9% | 7.4% | 6.6% | 22.6% |
| Value | 5.0% | 7.4% | 5.5% | 18.5% |
| Value-Weighted | 3.2% | 7.1% | 6.0% | 20.4% |
| Momentum | 2.8% | 9.2% | 9.5% | 30.2% |
| Growth | 1.0% | 7.3% | 7.8% | 26.7% |
| Quality | 3.8% | 6.9% | 3.0% | 18.4% |
| Low volatility | 1.4% | 6.6% | 5.8% | 21.5% |
| Equal weight | 4.0% | 9.0% | 5.3% | 21.0% |
| Small caps | 4.6% | 8.9% | 5.3% | 19.4% |
Source: FactSet, MSCI, Insignia Financial Research
The MSCI Australian Small Caps and Value rebounded over the month and quarter. The Growth subsector lagged in September weighing on the quarterly return, but the momentum subsector continued to perform well. Low Volatility in Australia continues to face headwinds, lagging the broader market across the month, quarter, and year.
Fixed Income
| Fixed Income | 30 Sep 2024 Yield | 1M mvt (bps) | 30 Jun 2024 Yield | 3M mvt (bps) | |
| – | Australian Cash rate | 4.35 | — | 4.35 | — |
| ▼ | 10-year Bond Yield | 3.97 | 0.01 | 4.31 | -0.34 |
| ▼ | 3-year Bond Yield | 3.54 | -0.02 | 4.09 | -0.55 |
| ▼ | 90 Day Bank Accepted Bills | 4.40 | -0.16 | 4.71 | -0.32 |
| ▼ | US 10-year Bond Yield | 3.79 | -0.13 | 4.37 | -0.58 |
| ▼ | US 3-year Bond Yield | 3.56 | -0.23 | 4.52 | -0.96 |
| ▲ | US Invest Grade spread | 1.25 | 0.00 | 1.16 | 0.09 |
| ▼ | US High Yield spread | 2.95 | -0.10 | 3.09 | -0.14 |
Source: FactSet, Insignia Financial
Australian bond market
Australian 10-year bond yields were mixed through the quarter, falling from 4.35% on 30 June to a low of 3.82% in mid-September before rebounding to end the quarter at almost 4%. The downward move in our yields was a reflection of declining US yields as well as improved Australian inflation data, subdued GDP growth and growing confidence the environment was constructive for lower cash rates soon.
The RBA maintained the cash rate at 4.35% in September suggesting “soon” is not now. The RBA Governor Michele Bullock stated, policy would have to be sufficiently restrictive to ensure inflation returns to target. Markets still expect the first cut in February 2025 and 1.00% of easing over the next 12 months but expect the RBA will lag global peers in the interest rate cutting cycle.
Global bond markets
For most the quarter bond markets were focussed on the weakening US labour market and the prospect of an aggressive Fed easing cycle. The US labour market continued to soften evidenced by 142,000 new jobs added to the economy in August, which came below expectations of 165,000. The US unemployment rate fell marginally to 4.2% and inflation eased more than expected to 2.5% in August, both reassuring the market that the Federal Reserve’s focus is on managing the downside risks to the labour market. The Federal Reserve delivered a strong 0.5% cut in its policy rate, signalling the start of a US easing cycle. The relatively large reduction was seen as pre-emptive rather than reactive, supporting the soft-landing scenario.
While inflation was on track to hit the 2% target in the Eurozone, sharply deteriorating PMIs, weak business and consumer confidence, and political uncertainty created a poor environment for growth prospects. Consequently, the ECB delivered another 0.25% cut in September. Over the month the spread between French and German 10-year yields widened reflecting French political risk.
As expected, the BOJ maintained their interest rates at 0.25% in September after having delivered a “hawkish” 0.15% hike in July. The BOJ continues to have a bias towards further tightening remains as inflation expectations remain higher than desired.
Currencies
| Currency | 30 Sept 2024 | 1M return (%) | 30 Jun 2024 | 3M return (%) | |
| ▼ | $A vs $US | 0.69 | 2.2 | 0.67 | 3.7 |
| ▼ | $A vs GBP | 0.52 | 0.3 | 0.53 | -2.0 |
| ▼ | $A vs YEN | 99.32 | 0.4 | 107.31 | -7.4 |
| ▼ | $A vs EUR | 0.62 | 1.4 | 0.62 | -0.3 |
| ▲ | $A vs $NZ | 1.09 | 0.6 | 1.10 | -0.6 |
| ▼ | $US vs EUR | 0.90 | -0.8 | 0.93 | -3.8 |
| ▼ | $US vs CNY | 7.02 | -1.1 | 7.27 | -3.4 |
| ▼ | $US vs GBP | 0.75 | -1.7 | 0.79 | -5.5 |
| ▼ | $US vs JPY | 143.64 | -1.7 | 160.85 | -10.7 |
| ▼ | $US vs CHF | 0.85 | -0.5 | 0.90 | -5.9 |
| ▼ | US Dollar Index | 100.78 | -0.9 | 105.87 | -4.8 |
Source: Bloomberg, Insignia Financial
Actual and expected Interest rate differentials have been driving currency moves, with the AUD hitting the US$ 0.69 level as markets priced in an aggressive Fed rate cutting and a less dovish RBA outlook. Chinese stimulus in late September also lifted the iron ore price to US$108 on 1 Oct from US$92 on 23 Sept supporting the AUD.
The Yen, which rallied from around 160 to the USD on 30 June to 149 in July after the surprising 0.15% rate rise on 31 July, continued its decline into August and ended the quarter at 144. Late July and early August saw a large unwind of the Yen-carry trade, having ramifications for global equity markets. Japanese inflation and wages maintain upward pressure on the Yen near term.
Performance as of 30 September 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 | 3.0% | 7.8% | 6.7% | 21.8% | 8.4% | 8.4% | 9.7% | 8.9% |
| Australia – mid cap | 3.1% | 9.5% | 6.2% | 18.6% | 6.6% | 10.7% | 10.8% | 12.2% | |
| Australia – small cap | 5.1% | 6.5% | 1.8% | 18.8% | -0.6% | 4.4% | 6.5% | 7.0% | |
| Australia – microcap | 7.2% | 9.6% | 9.1% | 21.8% | -1.1% | 9.5% | 10.2% | 9.4% | |
| World ex Australia | -0.5% | 2.3% | 2.6% | 23.2% | 10.6% | 12.5% | 13.2% | 12.8% | |
| World ex Australia (Hedged) | 1.4% | 4.4% | 7.5% | 29.3% | 8.4% | 11.7% | 10.4% | 10.5% | |
| World – small cap | -0.4% | 5.3% | 0.2% | 16.2% | 3.6% | 8.4% | 8.9% | 10.5% | |
| Emerging Markets | 4.3% | 4.7% | 7.6% | 17.3% | 1.8% | 5.2% | 5.5% | 6.5% | |
| Property & Infrastructure | A-REITS | 6.6% | 14.5% | 8.0% | 47.0% | 9.1% | 7.0% | 9.4% | 10.3% |
| Global REITs | 0.7% | 11.7% | 6.5% | 19.9% | 1.7% | 0.8% | 5.1% | 6.5% | |
| Global REITs (hedged) | 2.5% | 13.5% | 11.2% | 25.2% | 0.1% | 0.3% | 2.8% | 4.6% | |
| Global infrastructure | 0.5% | 9.4% | 7.7% | 19.8% | 8.2% | 4.7% | 8.1% | 8.9% | |
| Global infrastructure (Hedged) | 2.1% | 11.8% | 13.2% | 25.8% | 5.8% | 4.0% | 5.8% | 6.9% | |
| Fixed income | Australia Total Market | 0.3% | 3.0% | 2.2% | 7.1% | -1.2% | -0.4% | 1.8% | 2.4% |
| Australia government bonds | 0.3% | 3.0% | 1.9% | 7.0% | -1.6% | -0.8% | 1.6% | 2.3% | |
| Australia corporate bonds | 0.5% | 3.1% | 3.3% | 8.0% | 0.9% | 1.5% | 2.9% | 3.3% | |
| Australia floating rate bonds | 0.4% | 1.4% | 2.8% | 5.7% | 3.5% | 2.6% | 2.7% | 2.8% | |
| Global Total Market (Hedged) | 1.1% | 4.0% | 3.8% | 9.1% | -1.5% | -0.4% | 1.2% | 2.3% | |
| Global government bonds (Hedged) | 1.0% | 3.7% | 3.3% | 8.0% | -1.5% | -0.7% | 1.1% | 2.2% | |
| Global corporate bonds (Hedged) | 1.5% | 4.7% | 4.6% | 11.6% | -1.9% | 0.1% | 1.6% | 2.8% | |
| Global high yield bonds (Hedged) | 1.7% | 5.2% | 6.2% | 16.3% | 1.7% | 2.8% | 2.9% | 4.5% | |
| Cash | Bloomberg AusBond Bank Bill Index | 0.4% | 1.1% | 2.2% | 4.4% | 2.8% | 1.8% | 1.8% | 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% | Ubank | 5.50% | |
| ING | 5.50% | MOVE Bank | 5.50% | |
| Macquarie Bank | 5.50% | Bankwest | 5.35% |
** Rates are subject to conditions and change. Rates are correct as at 26 November 2024
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.
