Macquarie has updated its 12-month total shareholder return forecast for the Australian equity market today. It is forecasting a TSR of +12.6% for the S&P/ASX 200, comprising of +7.9% capital return and +4.7% dividend yield. It's fair value index target for the S&P/ASX 200 is 5571 with Resources forecast to produce a higher TSR of +16.6%, than the rest of the market (ex resources) which will produce a TSR of +11.5%.