Central bank currency wars, political election cycles and corporate survival mode will continue to put downward pressure on growth rates and interest rates. New RBA governor, Philip Lowe is likely to inherit an economy at the early stages of the new rate cut cycle to fight deflation. The Federal Budget showed that there are no plans in the fiscal policy outlook to deliver structural change driven recovery in the economy. The global growth worries, weak US reporting season and weak local fiscal policy outlook continue to support lower interest rates for longer than expected. The Australian equity market’s sustainable dividend yield will attract investors in an environment of low rates and low growth. The GARY (Growth at A Reasonable Yield) approach allows the investor to get the exposure to recovering growth with the protection of the yield thematic. GARY identifies companies that are able to deliver growth and yield at a reasonable cost. See the GARY Top 10 in the attachment. (VIEW LINK)