Editor’s Pick

There’s a consistent view of the consumer emerging from Australia’s Financial year 2026 (FY26) retail reporting season.

Households haven’t stopped spending, but they’ve become more selective, more value-conscious and increasingly willing to postpone discretionary purchases or wait for promotions and sales.

The pressure is most evident in big-ticket categories like furniture, appliances, and homewares. Nick Scali (ASX:NCK) noted a significant decline in store traffic late in the year; JB Hi-Fi (ASX:JBH) mentioned that customers are focusing their purchases around major sales; and Temple & Webster (ASX:TPW) said that while browsing continues, customers are delaying their buying decisions. continue…

by Roger Montgomery Posted in Companies, Consumer discretionary, Economics, Editor's Pick, Manufacturing, Market commentary, Market Valuation.

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• POSTED IN Companies, Consumer discretionary, Economics, Editor's Pick, Manufacturing, Market commentary, Market Valuation

As I have written many times, Australia’s Household Debt to Disposable Income Ratio has jumped more than fourfold to around 180 per cent over the past 50 years, making us one of the more indebted societies of the 38 Organisation for Economic Co-operation and Development (OECD) countries.

Preeminent financial journalist of many decades, Robert Gottliebsen, recently argued a 10 per cent decline in house prices was the equivalent to around three 0.25 per cent interest rate increases for the average Australian consumer. continue…

by David Buckland Posted in Consumer discretionary, Economics, Editor's Pick, Energy / Resources.

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• POSTED IN Consumer discretionary, Economics, Editor's Pick, Energy / Resources

I speak with Brett Craig, Director of Private Credit at Aura Credit Holdings, about how Aura structures its private credit portfolios with multiple layers of protection aimed at preserving investors’ capital. Brett explains how this begins with selecting quality Australian businesses, rigorous credit assessment and tangible loan security, before adding further protection through lender equity that sits below Aura’s investment in the capital structure.

We also discuss the role of diversification across thousands of underlying loans, short loan durations of typically three to five months, and independent monthly risk assessments by Open Analytics. Together, these measures are designed to manage risk across the portfolio and provide multiple avenues of protection should a borrower experience financial difficulty.

Learn more about private credit. 

Alternatively, you can speak with David Buckland or Rhodri Taylor here at Montgomery on (02) 8046 5000. continue…

by Scott Phillips Posted in Aura Group, Editor's Pick, Insightful Insights, Investing Education, Video Insights.

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I speak with Brett Craig, Director of Private Credit at Aura Credit Holdings, about how independent credit analysis can help investors and advisers better understand and compare risk across private credit portfolios.

Brett explains how Aura works with Open Analytics to independently assess its portfolios each month using bank-grade credit risk methodologies. The analysis considers every underlying loan, incorporates changing economic conditions and runs one million Monte Carlo simulations to assess expected credit losses and portfolio resilience. The resulting S&P-equivalent credit ratings provide advisers and investors with an additional, objective tool to support due diligence and understand the underlying risk within Aura’s private credit portfolios.

Learn more about private credit. 

Alternatively, you can speak with David Buckland or Rhodri Taylor here at Montgomery on (02) 8046 5000. continue…

by Scott Phillips Posted in Aura Group, Editor's Pick, Popular, Video Insights.

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I speak with Brett Craig, Director of Private Credit at Aura Credit Holdings, about the key differences between the Australian and U.S. private credit markets, and why the risks making headlines overseas may not necessarily translate directly to Australia. We discuss how differences in borrowers, lending structures, loan duration, asset security and legal frameworks can result in very different risk profiles.

We also explore Aura Private Credit’s approach, including its focus on established businesses, asset-backed lending, shorter-duration loans and portfolio diversification. Brett explains why understanding how a manager generates returns, manages liquidity and protects against potential losses can be more important than simply comparing headline yields.

Learn more about private credit. 

Alternatively, you can speak with David Buckland or Rhodri Taylor here at Montgomery on (02) 8046 5000. continue…

by Scott Phillips Posted in Aura Group, Editor's Pick, Insightful Insights, Investing Education, Popular, Video Insights.

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Despite the utterings from our senior politicians when discussing Australia’s Gross Domestic Product (GDP), this figure takes neither the rate of inflation, nor our population growth into consideration.

When our real GDP per capita for the June 2026 Quarter is released on Wednesday 2 September, I am concerned we will see another negative number, delivering lower living standards for Australians, as experienced over recent years. continue…

by David Buckland Posted in Companies, Editor's Pick, Market commentary, Market Valuation.

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The S&P 500 has once again notched fresh record highs, surging more than 13 per cent year-to-date (YTD) and comfortably outpacing its historical average annual return. Driving the rally is a combination of robust earnings, apparently stabilising geopolitical friction, and the relentless build-out of artificial intelligence (AI) infrastructure. continue…

by Roger Montgomery Posted in Economics, Editor's Pick, Insightful Insights, Market commentary, Market Valuation, Technology & Telecommunications.

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• POSTED IN Economics, Editor's Pick, Insightful Insights, Market commentary, Market Valuation, Technology & Telecommunications

Since Labor’s 2026 federal budget changes were handed down, Australia’s property market – particularly suburbs across Sydney and Melbourne – has experienced sharp price corrections.

While property commentators spent early 2026 tracking a largely flat, sideways trend in capital city housing (hovering around the $1.81M to $1.83M median mark in Sydney), the post-budget landscape has delivered a rude shock.

For homeowners who, for years, sacrificed and scrimped to save a 10 to 20 per cent deposit and then purchased or refinanced during 2025 or early 2026, these price falls are no longer just abstract paper losses – they represent a devastating hit to their wealth and equity. Indeed, all they’ve saved has been wiped out in a matter of months. continue…

by Roger Montgomery Posted in Economics, Editor's Pick, Investing Education, Market commentary.

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In this video I discuss Aussie Broadband (ASX: ABB), a growing challenger in Australia’s retail broadband market with around 15 per cent of the NBN market across its retail and wholesale services.

The company has delivered double-digit organic sales growth alongside acquisitions, while increasing scale may support further growth and operating efficiencies. Earnings are expected to grow over the next two years, supported by a cashflow-generative business and relatively low gearing.

While concerns around competition from Starlink have recently weighed on the share price, I explain why the current valuation may offer an attractive entry point if ABB continues to execute on its growth strategy. continue…

by Gary Rollo Posted in Companies, Editor's Pick, Insightful Insights, Market commentary, Market Valuation, Popular, Small Caps, Stocks We Like, Video Insights.

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If the S&P 500 is the dog that wags the global stock markets’ collective tail, then the U.S. central bank – The Federal Reserve – is the brain controlling that dog. What happens at the Fed matters to almost every investor around the world.

And those investors have grown accustomed to dancing with a Federal Reserve that provided reams of forward guidance, as well as a dependable feedback loop. When the Fed spoke, markets adjusted, and increasingly innovative monetary policy smoothed over any volatility. continue…

by Roger Montgomery Posted in Economics, Editor's Pick, Global markets, Insightful Insights, Market commentary.

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• POSTED IN Economics, Editor's Pick, Global markets, Insightful Insights, Market commentary