Chief Executive Officer of Montgomery Investment Management, David Buckland has over 40 years of industry experience.
David is a deeply knowledgeable and highly experienced financial services executive. Prior to joining Montgomery in 2012, David was CEO and Executive Director of Hunter Hall for 11 years, as well as a Director at JP Morgan in Sydney and London for eight years.
I joined Jess Maguire on ABC Statewide Drive to discuss the latest ANZ Roy Morgan Consumer Confidence Survey, which shows confidence is gradually recovering after falling to its lowest level in 53 years, while remaining fragile amid high household debt, rising rents and ongoing cost-of-living pressures. We also discussed the successful ASX debut of FDC Consolidated, highlighting its strong growth, specialist construction and fit-out business, attractive forecast yield and why its listing may signal renewed investor appetite for high-quality IPOs.
Listen from 1:46:00 here: ABC Statewide Drive Continue…
I joined Juliette Saly on Ausbiz to discuss the ASX debut of FDC Consolidated (ASX), outlining why I believe the construction and fit-out business presents a compelling investment opportunity. I highlighted its 36-year track record, strong insider ownership, large work in progress, repeat client base and attractive forecast yield, while noting that quality businesses can still attract investor demand despite a subdued Initial Public Offering (IPO) market. We also discussed Australia’s fragile consumer confidence, with high household debt, rising rents and ongoing cost-of-living pressures continuing to weigh on sentiment, even as confidence gradually recovers from its 53-year low.
Watch here: FDC’s ASX debut – a builder with bite Continue…
Consumer confidence appears to be slowly improving after hitting its lowest level in 53 years in April 2026. While the recent uptrend is encouraging, confidence remains fragile, with household debt, cost-of-living pressures and recent interest rate increases still weighing heavily on consumers. The question now is whether this rebound marks the beginning of a genuine recovery, or simply a modest lift from extremely depressed levels. Continue…
As we begin Fiscal 2027, it is worth taking a step back to reflect on the major themes that shaped global markets over the past year. I explore the key developments across equities, bonds, interest rates, commodities and currencies, and consider what they may mean for investors going forward.
From Magnificent Seven to Memory Seven
In the three calendar years 2023-2025, the Magnificent Seven (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla), rose by an average 333 per cent, turning $1.00 into $4.33.
That strong upward trajectory came to an end in the six months to June 2026, with an average decline of 2 per cent. With Microsoft (-23 per cent),Meta (-15 per cent) and Tesla (-6 per cent) leading the fall.
The baton has been passed to the “Memory” sector with an average 419 per cent capital appreciation across seven companies in six months to June 2026 being reported, namely: SanDisk (+858 per cent), Kioxia (+759 per cent), Micron Technology (+304 per cent), SK Hynix (+305 per cent), Intel (+278 per cent), Marvell Technology (+251 per cent) and Samsung (+177 per cent). Continue…
I joined Juliette Saly on Ausbiz to discuss why Australia may be heading down the same path as Canada and New Zealand. Net overseas migration has nearly doubled from an average of 220,000 people per annum between 2007 and 2022 to around 423,000 per annum since May 2022, yet real Gross Domestic Product (GDP) per capita has been positive in only 4 of the past 15 quarters. We also discussed Australia’s weak productivity growth and whether population growth has been masking a slowing economy.
Australia and the United States (U.S.) currently have one thing in common.
Consumer confidence is in a world of pain.
In the U.S., the Consumer Sentiment Index (CSI) has fallen to the lowest level ever recorded since the University of Michigan began tracking the data in 1952.
The Index, see Graph 1. and Table 1. below, hit 44.8 in May 2026, as Americans fear inflation, rising fuel costs, economic instability associated with the Iran War and the worry artificial intelligence (AI) will take white collar jobs.
When I look at the U.S. inflation rate – which was 3.8 per cent for the year to April 2026 – and the U.S. Federal Funds Rate at 3.75 per cent, I again point out a significant anomaly. Continue…
Higher global inflation and lower growth will reflect the scale of impact dependent on the length and severity of the U.S./Iran war.
The near-term forecasts for global Gross Domestic Product (GDP) from the International Monetary Fund (IMF) use a Reference Scenario, Adverse Scenario and a Severe Scenario, as illustrated in Graph 1 below. Continue…
The 2026 Federal Budget has landed with some significant implications for investors.
I discuss the key economic indicators and the tax changes that are set to reshape the investment landscape.
Economy
The starting point is to expect higher global inflation and lower growth with the scale of impact dependent on the length and severity of the U.S./Iran war.
Growth in Australia is expected to slow to 1.75 per cent in 2026/2027.
Real wages are expected to go backwards again, which means living standards are expected to decline. Continue…
Australian consumer confidence has fallen to its lowest level in more than 50 years despite relatively low interest rates and unemployment compared to the early 1990s, with the key difference being a sharp rise in household debt, as debt-to-income ratios have more than quadrupled from around 45 per cent to 180 per cent. Combined with ongoing cost-of-living pressures, this has left households far more sensitive to economic shocks, contributing to a hollowing out of the middle class and increasing financial strain on younger generations even as a significant intergenerational wealth transfer unfolds. Continue…
I joined Juliette Saly on Ausbiz to discuss why Australian consumer confidence has fallen to its lowest level in more than five decades, despite relatively low unemployment (around 4.3 per cent compared to over 11 per cent in the 1990s) and interest rates (around 4.1 per cent compared to 17.5 per cent in the 1990s), with the key drivers being a sharp rise in household debt (now about 180 per cent of disposable income versus roughly 45 per cent four to five decades ago) and an intense cost-of-living squeeze across housing, childcare (around $180 per day), education (something that used to be free), and everyday expenses. I also highlighted how this pressure is contributing to a hollowing out of the middle class and increasing postcode-driven inequality, while noting that periods of extremely weak sentiment can sometimes create opportunities for long-term investors as fear drives short-term market dislocations.
Continue…
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