The Australian equity market is moving into the full year FY25 reporting season, and will almost certainly see its third consecutive year of flat to negative EPS growth at the index level. This report explores the outlook for Australian equities in FY26, including the diverging performance between resources and All Industrials.

We continue to expect the iron ore market to enter a surplus in H2 2025, which is likely to grow over the medium term as large projects like Simandou (the ‘Pilbara Killer’) come online and as China’s steel demand structurally declines. This report details our cautious outlook for iron ore and reaffirms BHP as our preferred exposure.

The debate over US exceptionalism from an economic and financial market perspective has intensified in 2025, as global investors debate America's capacity for continued dominance. This report examines the sustainability of US exceptionalism and American dominance of the global economy moving ahead.

The macro backdrop has become increasingly supportive of the A-REIT sector, with the RBA likely to cut interest rates multiple times this year. In this report, we examine how the A-REIT sector has historically performed during interest rate cutting cycles and share our views across the major sub-sectors.

Last week the RBA Policy Board defied market pricing and the great majority of economists’ predictions (including ourselves) by opting to keep the cash rate on hold at 3.85%.  This report explores the outlook for the RBA’s rate decisions moving ahead and their likely impact on equities and bonds.

In a world where investors are increasingly seeking differentiated sources of return, direct investments in Australian retail property – particularly shopping centres – is emerging as a standout opportunity.

The ASX 200 is expected to return to EPS growth of +5.6% in FY26, although the median company is forecast to deliver much stronger growth of +11.9%. This report discusses the implications of the local market’s concentration and explores the latest consensus earnings revision trends.

The second quarter has delivered a volatile ride but ultimately positive returns for investors. While performance has been strong, uncertainty is still elevated. This leads us to retain some caution in respect of near-term market prospects. This report examines the macroeconomic and investment outlook into the second half of 2025 and provides our latest thoughts on portfolio positioning.