fiscal policy

I was recently asked whether it is really true that the AA and AAA rated state governments are having to pay materially more to raise capital to fund their budget...

Today we look at a rough roadmap of what would need to happen on the road to suspending capitalism and markets being artificially held up indefinitely. Whilst we've...

The global economy has only just commenced its recovery from the depths of the largest economic setback in modern history, yet stock markets have bounced strongly from...

The COVID-19 data coming out of the US is grim and getting grimmer. My concern is that many investors have been pricing in an increasingly positive economic recovery,...

Good news is good news. Bad news is good news. And no news is good news also! Global equities pushed higher last week as positive ‘re-opening’ data, no second waves,...

Back in January when the bushfires were raging, I feared Australia’s luck had ran out. But right now, I thank god I live in The Lucky Country! Donald Horne’s original...

Record declines in employment and hours worked have been met with record policy stimulus. In this note, I delve into the scale of the income shock facing the consumer...

These are extraordinary times and they have elicited extraordinary measures from government and central banking authorities the world over, as COVID-19 has infiltrated...

A sense of optimism is re-surging around the globe, as we see a glimpse of the COVID-19 ‘curve flattening’. The rate of increased cases of infection in the US and in...

Easing geo-political tensions and better growth momentum as we entered 2020 are but a distant memory. The month of March delivered rolling shocks—from the spread of...

The Australian equity market at one stage fell nearly 35% from its all-time high in just over a month amid the COVID-19 crisis. The challenge for investors is working...

The last seven days have been historic times in markets. The eleven-year bull market that started on 9 March 2009 finally ended eleven years and two days later, amidst...

Awareness of potentially high-impact but improbable developments should help investors prepare for unexpected changes in market conditions. In our base case, the...

In the latest episode of Coolabah Capital Investments' popular Complexity Premia podcast we discuss: a summary of the bond market’s performance in 2019; the...

An important issue for investors to consider in 2020 is the potential shift in the relative importance between monetary and fiscal policy in driving the global...

We recently moved to reduce the amount of risk in our model portfolios. This followed the escalation in US-China trade tensions after President Trump increased the...

Ten years on from the Global Financial Crisis and the threat of another financial crisis in the medium term is now a solid possibility. There are signs of weakening...

2018 has been a fascinating year so far with many different cross-currents running through markets. We have seen central banks hiking, just as Governments look to...