Close
Leave Feedback
Welcome to the new btim.com.auTake a two minute tour to see what we've changed
Hi there! Welcome to the new look Pendal website... Take a two minute tour to see what we’ve changed.
Mainstream Online Web Portal
LoginInvestors can view their accounts online via a secure web portal. After registering, you can access your account balances, periodical statements, tax statements, transaction histories and distribution statements / details.
Advisers will also have access to view their clients’ accounts online via the secure web portal.
The Point
Quick, actionable insights for investors
Mar 12
How AI concerns are impacting India | What GDP is saying about inflation and rates | How bonds can drive gender equality
Loading posts...
Latest updates from our fund managers
Income and Fixed Interest
Murray Ackman: Understanding carbon measures in fixed income
March 19, 2026
See all
Emerging Markets
Emerging markets: Look past commodity exports to countries with strong domestic demand
July 26, 2023
See allSubscribe to The Point
Get regular insights on investing, market analysis and portfolio management from the experts at Perpetual Group.
Follow
The Point
These podcasts are for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. They have been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation.
The information in these podcasts may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information.
Any projections contained in these podcasts are predictive and should not be relied upon when making an investment decision or recommendation. Whilst we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections.
Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance.
For more information, please call Customer Relations on 1300 346 821 8.00am to 6:00pm (Sydney time) or visit our website www.pendalgroup.com
Steve Campbell: RBA ‘well-positioned’ to ease rates more aggressively
Monetary policy settings remain restrictive in Australia even after two rates cuts this year, says Pendal’s head of cash strategies Steve Campbell.
Last week the Reserve Bank cut 25 basis points to 3.85%.
A pause in US tariffs and a plethora of other headlines saw the case for a larger cut diminished, says Steve.
“Domestically the RBA remains comfortable with the inflation outlook and where policy settings are at,” he says.
“There are signs that the rate cut earlier this year is helping households, though the majority of the cut is being saved – not spent.
“We maintain the view that two more cuts are forthcoming, likely around the quarterly cycle in August and November.”
Meanwhile bonds continue to offer good defensive value in this environment, Steve says.
“And uncertainty surrounding international events ensures plenty of opportunity for active managers.”
Read more
Steve Campbell: Labour data will determine timing of next RBA rate cut
Quick view
Steve Campbell: Labour data will determine timing of next RBA rate cut
A strong labour market and poor productivity meant the RBA’s rate-cut this week was not a laydown misere.
Was it a “one and done?”
“That’s highly unlikely,” says Pendal’s head of cash strategies, Steve Campbell. “So the focus will now move to when the next policy easing will occur.”
Before the next meeting in April (the first with newly separated monetary and governance boards), we will see updated wage price index data and two labour market reports.
If we don’t see a cut in April, further policy easing could still occur mid-year, Steve says.
The RBA remains “cautious and data dependent”, and didn’t give away much in its notes this week.
“Forecasting trimmed mean inflation at 2.7% until mid-2027 really means we don’t know how it will all unfold.”
Steve Campbell: The call for rate cuts appears premature
Quick view
Steve Campbell: The call for rate cuts appears premature
CALLS for rate cuts in 2024 now appear premature based on first-quarter inflation data.
Headline inflation rose 1% over the first quarter, resulting in annual inflation of 3.6%. Economists had been expecting a quarterly rise of 0.8% and 3.5% over the year.
The RBA’s preferred inflation measures – the trimmed mean and weighted median – also exceeded expectations by 0.2% for the quarter, rising 1% and 1.1%, respectively.
After moving to a neutral statement in its March meeting, it’s likely the RBA will take a more cautious, hawkish tone in its next statement in May.
That meeting will be accompanied by a monetary policy statement with updated economic forecasts.
From its February forecasts, the RBA sees annual headline and trimmed mean inflation for the year ending June 2024 at 3.3% and 3.6%, respectively.
Headline inflation has risen 2.77% since June 2023 and a trimmed mean of 2.95%. For the RBA’s forecasts to be realised, we need 0.48% and 0.6% for the next quarter.
Inflation forecasting is a tough caper, but if these annual forecasts were to be revised, they would more likely be higher than lower after today’s data.
Loading posts...
Subscribe to The Point
Get regular insights on investing, market analysis and portfolio management from the experts at Perpetual Group.