Ben Clark and Jeremy Hook have been regularly sought for media comment over the past twenty years. Investors may have seen their regular stock market commentary on CNBC and Sky Business (especially the long-running and popular Your Money Your Call program). They have also appeared on ABC TV and radio as well as working with asx.com and livewiremarkets.com providing online content.
22 August 2024
Global investors know Australia for three things – our houses (the property investment opportunity), our holes (the massive mining sector), and our beaches (and let’s face it, our sharks).
But the truth is that the Australian economy is driven by a much larger force than the property or mining sectors can muster – the consumer.
Consumer spending makes up about 50% of Australian GDP, according to the OECD, and consumer stocks (discretionary and staples combined) make up about 11% of the ASX 200. After the miners and CBA, consumer stocks are the most closely-watched sector every February and August reporting season.
On the macro front, the Reserve Bank has consistently called out the resilience of the consumer in its commentary. In particular, the RBA Board likes to say that longer-term inflation expectations remain well-anchored, adding, “It is important this remains the case.”
But the central bank also cannot deny the reality that retail sales are sluggish, noting in its most recent post-meeting statement that “there is a risk that household consumption picks up more slowly than expected.”
So is the Australian consumer really that resilient? This episode of Signal or Noise will attempt to answer that question and glean some investable insights.
On the panel is AMP’s Diana Mousina, Richard Schellbach, Strategist for Australia and New Zealand at UBS and Ben Clark, Portfolio Manager at TMS Capital.
Note: This episode was taped on Wednesday 14 August 2024.
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