Australia's top stocks fund seals golden year with rare 100pc return
The $69.2 million commodity-focused long short strategy rode the blistering rally in precious metals, and wave of deal activity, to generate a whopping 102.5 per cent return for the 12-month period. That was nearly double the next best Australian-domiciled equity fund tracked by Morningstar.
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West Australian
29 minutes ago
- West Australian
Anthony Albanese praised in editorial in Chinese state media
Anthony Albanese has enjoyed a glowing editorial in a state-owned Chinese newspaper, which welcomed his 'friendly' approach to the nation on his six-day trip. The editorial in the China Daily, however, took a shot at previous prime minister Scott Morrison for not having clear 'judgment and understanding' of the country. Titled 'Common ground prevails over differences', the editorial was published in China Daily, an English-language news organisation owned by the Chinese Communist Party's Central Propaganda Department. The release of the editorial coincides with Mr Albanese's planned meeting with Chinese President Xi Jinping in Beijing's Great Hall of the People. 'Australian Prime Minister Anthony Albanese's ongoing visit to China is not only of significance for the bilateral and trade relations between the two countries, it also sends a message amid the changing global trade landscape,' the editorial started. 'Albanese's visit, which began on Saturday and will last until Friday, is notably long for a state leader, highlighting Australia's commitment to deepening ties and fostering stability amid the uncertain global landscape.' It continued on to highlight rising tensions with the US and makes a point of criticising former prime minister Scott Morrison. 'Albanese's visit shows that the Australian side has a clearer judgment and understanding of China than it had under the previous Scott Morrison government,' it said. Australia's relationship with the superpower soured under the Morrison government after Australia called for an investigation into the origins of Covid. Tariffs were placed on some of Australia's most significant exports to China, including coal, barley, copper and wine. The editorial noted that tension but praised the 'positive upturn' in China-Australia relations under the Albanese government as 'desirable' to restart negotiations on a free-trade agreement. Mr Morrison responded to the comments in a statement made to The Australian. 'Having a character reference from the China Daily was never one of my foreign policy aspirations,' he said. The China Daily editorial highlighted 'difference in terms of geopolitics' between the two nations but welcomed Mr Albanese's trip. 'Albanese's visit, his second since becoming prime minister, is intended as a 'friendly gesture' to ensure the positive development of bilateral relations on a stable track, according to his office,' it said. 'China, on its part, stands ready to work with Australia to take this visit as an opportunity to strengthen communication, enhance mutual trust, expand practical co-operation and push forward the two countries' comprehensive strategic partnership, as the Chinese Foreign Ministry indicated.'
West Australian
29 minutes ago
- West Australian
RBA's hold keeps consumer sentiment recovery in check
Last week's move by the Reserve Bank to hold fire on a third interest rate cut for 2025 has failed to dampen the spirits of Australian consumers. But the shock decision that blindsided most market watchers did keep a lid on what would have been a solid gain in the monthly consumer sentiment index measured by big four bank Westpac and the Melbourne Institute. The index data, released on Tuesday, showed the recovery in consumer sentiment experienced another 'false start' in July — rising just 0.6 per cent to 93.1 — up from June's reading of 92.6. Westpac head of Australian macro-forecasting Matthew Hassan said responses over the survey week showed a clear disappointment following the RBA's move to leave the official cash rate on hold a 3.85 per cent — despite analysts saying ahead of the two-day meeting that a 25 basis-point cut was a near certainty. Mr Hassan said those surveyed before the decision reported an index read of 95.6 while those surveyed after reported it had dropped to 92. 'The reaction checked what would probably have been a solid rise,' he said. 'This is the third time since late last year that events have conspired to undermine promising improvements in the consumer mood. 'Daily responses showed similar patterns in April (following the Liberation Day tariff announcements) and back in November (when a milder RBA disappointment combined with a surprise US Presidential election result). 'The latest check to sentiment is less dramatic but it still leaves the consumer mood stuck at 'cautiously pessimistic' levels overall.' RBA governor Michele Bullock said last week the board would 'wait for a little more information' to be certain it had beaten inflation. The Westpac-Melbourne Institute survey found family finances improved for July but showed a sharper pull-back following the rates call. A family's current perception of their finances compared to a year ago posted a solid 5 per cent rise overall to 79.2. A family's confidence in their finances for the next 12 months posted a milder 2.6 per cent gain to 101.4, nudging back into net positive territory as households bank on signals from the RBA that more rate relief would be on the way when the time is right. The index's 'time to buy a major item' reading dropped 2.6 per cent to 97.6, partly unwinding last month's promising 7.5 per cent surge and dipping back into slight negative territory. 'The decision on interest rates may have tipped some consumers towards holding off on major purchases,' Mr Hassan said. But there were positive signs for Australia's overall economic fortunes over the next 12 months, with the index's outlook measure jumping 1.8 per cent to 94.1. Looking five years ahead, the measure rose 2.8 per cent to 93.4. 'Both sub-indexes are still marginally above historical averages but have struggled to sustain gains since the start of the year,' Mr Hassan said. 'Tariff-related uncertainty about the global economic backdrop continues to weigh particularly heavily on five-year views on the economy with this sub-index down nearly 8 per cent compared with March. 'Consumers are not overly concerned about the economy but appear unsure about which direction its heading in. '
Perth Now
30 minutes ago
- Perth Now
Former Aussie PM China can't hack
Anthony Albanese has enjoyed a glowing editorial in a state-owned Chinese newspaper, which welcomed his 'friendly' approach to the nation on his six-day trip. The editorial in the China Daily, however, took a shot at previous prime minister Scott Morrison for not having clear 'judgment and understanding' of the country. Titled 'Common ground prevails over differences', the editorial was published in China Daily, an English-language news organisation owned by the Chinese Communist Party's Central Propaganda Department. The release of the editorial coincides with Mr Albanese's planned meeting with Chinese President Xi Jinping in Beijing's Great Hall of the People. Anthony Albanese has embarked on a charm offensive in China, including a meeting with soccer manager Kevin Muscat. NewsWire / Joseph Olbrycht-Palmer Credit: News Corp Australia 'Australian Prime Minister Anthony Albanese's ongoing visit to China is not only of significance for the bilateral and trade relations between the two countries, it also sends a message amid the changing global trade landscape,' the editorial started. 'Albanese's visit, which began on Saturday and will last until Friday, is notably long for a state leader, highlighting Australia's commitment to deepening ties and fostering stability amid the uncertain global landscape.' Anthony Albanese and Australian businessman Andrew 'Twiggy' Forrest addressed a Steel Decarbonisation Roundtable in Shanghai. NewsWire / Joseph Olbrycht-Palmer Credit: News Corp Australia It continued on to highlight rising tensions with the US and makes a point of criticising former prime minister Scott Morrison. 'Albanese's visit shows that the Australian side has a clearer judgment and understanding of China than it had under the previous Scott Morrison government,' it said. Australia's relationship with the superpower soured under the Morrison government after Australia called for an investigation into the origins of Covid. Tariffs were placed on some of Australia's most significant exports to China, including coal, barley, copper and wine. The editorial noted that tension but praised the 'positive upturn' in China-Australia relations under the Albanese government as 'desirable' to restart negotiations on a free-trade agreement. Mr Morrison responded to the comments in a statement made to The Australian. 'Having a character reference from the China Daily was never one of my foreign policy aspirations,' he said. An unexpected comment was reserved for Scott Morrison. NewsWire / Martin Ollman Credit: News Corp Australia The China Daily editorial highlighted 'difference in terms of geopolitics' between the two nations but welcomed Mr Albanese's trip. 'Albanese's visit, his second since becoming prime minister, is intended as a 'friendly gesture' to ensure the positive development of bilateral relations on a stable track, according to his office,' it said. 'China, on its part, stands ready to work with Australia to take this visit as an opportunity to strengthen communication, enhance mutual trust, expand practical co-operation and push forward the two countries' comprehensive strategic partnership, as the Chinese Foreign Ministry indicated.'
