What a difference a year makes. In 2015, most economists forecast a succession of US interest rate rises and a gradual improvement in the global economy. Not so now. Locally, 1Q16 inflation came in well below expectations, and the record low underlying inflation rate of 1.5% year-on-year led to the RBA cutting the cash rate to 1.75%. We’ve also seen firmer bonds, a lower Aussie dollar, the retention of the negative gearing and capital gains tax regime and the $50 billion infrastructure spend. In an environment of ‘unknown unknowns’, the focus on income-producing real assets is intensifying, including listed property.
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