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22 January 2025
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With plans to retire next year, Mercer's David Knox looks back at the global pension index he helped create, the key trends and developments since inception, and what Australia can to do to get better.
Australia has a world-class superannuation system, but it is also the most complex. From insurances to estate provisions to the many different forms of contributions and withdrawals, we should try to 'keep it simple'.
Despite similar objectives, the proportion of Australian superannuation assets in alternative and less liquid assets is much lower than for other long-term investors such as family offices and global pension funds.
Australia's defined contribution superannuation market seems to be obsessed with ‘liquid’ investments. For the long-term investment that super inherently is, it doesn't make sense to limit our options.
Defined benefit funds will be scarce in the future but their features shouldn't be forgotten. Defined contribution funds should be incorporating some of these features to their members' advantage as well their own.
I think the legislation based on the Cooper Review recommendations looks pretty good overall, although naturally, compromises have occurred. The big disappointment, though, is retirement.
Last year, I wrote an article suggesting returns from ASX stocks would trample those from housing over the next decade. One year later, this is an update on how that forecast is going and what's changed since.
The housing market was subdued in 2024, and pessimism abounds as we start the new year. 2025 is likely to be a tale of two halves, with interest rate cuts fuelling a resurgence in buyer demand in the second half of the year.
This examines the performance of key asset classes and sub-sectors in 2024 and over longer timeframes, and the lessons that can be drawn for constructing an investment portfolio for the next decade.
The renowned investor has penned his first investor letter for 2025 and it’s a ripper. He runs through what bubbles are, which ones he’s experienced, and whether today’s markets qualify as the third major bubble of this century.
Key lessons include expensive stocks can always get more expensive, Bitcoin is our tulip mania, follow the smart money, the young are coming with pitchforks on housing, and the importance of staying invested.
Check out the most-read Firstlinks articles from 2024. From '16 ASX stocks to buy and hold forever', to 'The best strategy to build income for life', and 'Where baby boomer wealth will end up', there's something for all.