So ends a positive year on financial markets, with the Australian All Ordinaries Index closing the financial year up 12.5% from this time last year. Internationally, the Dow Jones Index was up 16.8%, whilst the Hong Kong Hang Seng Index (up 9.3%) and London’s FTSE100 Index (up 15.7%) both recorded strong gains.
The Reserve Bank of Australia has now signalled they will be pausing on interest rates to assess the impact that the 6 recent rate rises has had on the Australian economy. It appears likely that this will only be a brief pause on the way to more ‘normal’ interest rate settings. Financial markets have priced in two further rate rises prior to the end of the year.
The Australian property market continues its strong run, with supply shortages driving both house prices and corresponding rents. Changes to foreign ownership laws in the past 3 months have done little to dampen enthusiasm in the property market.
Last night we attended the 2010 TELSTRA BUSINESS AWARDS. Empire Financial Planning was, for the first time, afforded the opportunity of being part of the Telstra Business Award’s process – we were thrilled to be chosen as finalists. We congratulate all other finalists in their categories for their determination, vision and ability that gives them the edge to excel.
If you would like to view this online, please visit www.empirefp.com.au
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