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The 5% deposit scheme is bad for homeowners and Australia

The 5% deposit scheme is bad for homeowners and Australia

Australia is in a housing quagmire. Each aimless and counterproductive lurch finds us mired deeper in a morass. In my eleven years in Australia I’ve seen multiple attempts at increasing affordability. None of these affordability measures are designed to lower housing prices. Pretending there is a way to make housing more affordable without somebody ...
Is defensive the new offensive?

Is defensive the new offensive?

If asked to identify a stock that has achieved over a 500% total return, compounded earnings at an annualized growth rate of 10% or greater, traded at an earnings multiple of less than 15x, and maintained or raised its dividend for over 20 consecutive years, what names come to mind? If you answered Microsoft, Apple, Alphabet, or Nvidia, you would only ...
How the RBA scores on its inflation goal

How the RBA scores on its inflation goal

This chart shows the inflation and policy cash rate picture in Australia from 1993. The dots in the upper section represent annual (rolling four-quarter) CPI inflation each quarter (as quarterly has been the main reporting interval for inflation in Australia). Click to enlarge Red dots for inflation above 3%; black dots for inflation below 2%; and ...
Levered credit: A late cycle ingredient for drawdown pain

Levered credit: A late cycle ingredient for drawdown pain

In 2025, with credit spreads normalising, and in some segments moving below long-term averages, a number of yield hungry credit investors responded by adding risk to meet investment objectives. The approach taken to sustain portfolio yields of 6%+ varied from increasing credit risk, interest/spread duration and/or leverage. While mostly still at ...
The more things change… longevity just goes on increasing

The more things change… longevity just goes on increasing

The first publication of Firstlinks (as Cuffelinks) was 13 years ago in Feb 2013. Longevity was an issue back then. Paul Keating reflected on the growing gap in our retirement incomes system through people living longer. David Bell wondered if people looked back, would they reflect on the performance of their super fund – or the attainment of goals and ...
The improving outlook of Australian commercial real estate

The improving outlook of Australian commercial real estate

Australia’s commercial real estate sector exhibited a recovery through 2025, with property values stabilising and returns moving into positive territory. As we enter 2026, this momentum is expected to continue, supported by strong fundamentals across all core commercial real estate sectors. Commercial real estate continues to demonstrate compelling ...

The 5% deposit scheme is bad for homeowners and Australia

The 5% deposit scheme is bad for homeowners and Australia
Australia is in a housing quagmire. Each aimless and counterproductive lurch finds us mired deeper in a morass. In my eleven years in Australia I’ve seen multiple attempts at increasing affordability. None of these affordability measures are designed to lower housing prices. Pretending there is a way to make housing more affordable without somebody ...

Is defensive the new offensive?

Is defensive the new offensive?
If asked to identify a stock that has achieved over a 500% total return, compounded earnings at an annualized growth rate of 10% or greater, traded at an earnings multiple of less than 15x, and maintained or raised its dividend for over 20 consecutive years, what names come to mind? If you answered Microsoft, Apple, Alphabet, or Nvidia, you would only ...

How the RBA scores on its inflation goal

How the RBA scores on its inflation goal
This chart shows the inflation and policy cash rate picture in Australia from 1993. The dots in the upper section represent annual (rolling four-quarter) CPI inflation each quarter (as quarterly has been the main reporting interval for inflation in Australia). Click to enlarge Red dots for inflation above 3%; black dots for inflation below 2%; and ...

Levered credit: A late cycle ingredient for drawdown pain

Levered credit: A late cycle ingredient for drawdown pain
In 2025, with credit spreads normalising, and in some segments moving below long-term averages, a number of yield hungry credit investors responded by adding risk to meet investment objectives. The approach taken to sustain portfolio yields of 6%+ varied from increasing credit risk, interest/spread duration and/or leverage. While mostly still at ...

The more things change… longevity just goes on increasing

The more things change… longevity just goes on increasing
The first publication of Firstlinks (as Cuffelinks) was 13 years ago in Feb 2013. Longevity was an issue back then. Paul Keating reflected on the growing gap in our retirement incomes system through people living longer. David Bell wondered if people looked back, would they reflect on the performance of their super fund – or the attainment of goals and ...

The improving outlook of Australian commercial real estate

The improving outlook of Australian commercial real estate
Australia’s commercial real estate sector exhibited a recovery through 2025, with property values stabilising and returns moving into positive territory. As we enter 2026, this momentum is expected to continue, supported by strong fundamentals across all core commercial real estate sectors. Commercial real estate continues to demonstrate compelling ...