The latest earnings reporting season for Australian listed companies is almost past, and once again, a major theme from the latest earnings reporting season is that profits were not as bad as we thought they would be. In the main, corporate Australia has largely met investors' (already beaten down) earnings expectations. Despite such relief, however, there are several reasons why the Australian equity market likely still faces a tough road ahead. (VIEW LINK)

James Marlay

I agree with many of the sentiments in your post David. However, the timing of interest rate movements seems like the most influential factor in the discussion. On that front I am it does not feel like rates in the US or Australia are going to rise in a hurry. The relative value of equities against other asset classes looks like it could be a persistent theme throughout FY15.