Australian Journal of Financial Planning

The financial markets and the betting markets serve vastly different purposes within the economy, but at the mid-point of 2026, it seems clear that there is abnormal speculation in the current economy, because investors are equating the two. In our view, investors would be better served sticking to fundamentals and leaving chance to the betting community. The financial markets exist for capital formation.

Secondary market transactions have surged: total volume reached nearly US$240 billion ($343bn) in 2025 across all private market asset classes and activity has continued strongly in 2026. The 2025 number represents a staggering 50% increase versus 2024, which was itself a record year.

There is a puzzle at the heart of investing that behavioural economists have spent decades trying to explain - why do intelligent, informed investors consistently make predictable, repeated mistakes? And why, even when they recognise those mistakes in hindsight, do they make them again? A compelling answer comes from the work of Professor Ulrike Malmendier, a behavioural economist at UC Berkeley's Haas School of Business.

In early 2026 software companies faced the 'SaaSpocalypse', an indiscriminate sell-off of software companies due to the rise of artificial intelligence (AI) tools capable of coding software. This sell-off raised many eyebrows and questions around whether software was indeed dead. Long regarded as some of the most durable and profitable businesses in equity markets, the market's indiscriminate repricing of software companies was wrong.

BY   |  THURSDAY, 2 JUL 2026    5:00PM In the first instalment of the 2026 Challenger Retirement Happiness Index report, we looked at the factors that contribute most to retirement happiness, including purpose, mental wellbeing, social connection and financial confidence. In this second instalment, we explore how education, homeownership and cost of living pressures influence retirement outcomes.

In June 2026, Lonsec launched its Investment Governance Solution, a new capability integrated into iRate that brings ratings changes, performance monitoring, and fee oversight into a single reporting framework for licensees, platforms, trustees and investment committees. Chief executive Lorraine Robinson described it as providing 'the framework and transparency that supports better decision making'. The launch reflects a genuine shift in the market.

The 2026 Challenger Retirement Happiness Index shows that most older Australians remain positive about retirement. Happiness levels are strong, and many people are enjoying the time, flexibility and independence that retirement can bring. Yet this year's research also highlights an important concern. While Australians are finding joy through activities, purpose, and social connections, confidence about money continues to wane.

BY   |  TUESDAY, 23 JUN 2026    3:20PM Australia is becoming a more global country. More professionals, executives, business owners and retirees are building lives that do not sit neatly inside one jurisdiction. They may earn income in Singapore, hold property in Australia, accumulate savings in the Middle East, have children studying in Europe, and plan to return home at some point in the future. On paper, these clients often look like attractive advice clients.

BY   |  WEDNESDAY, 17 JUN 2026    2:35PM One of the significant findings from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission) was that Australians were being charged 'fees for no service'. That is, Australians were being charged ongoing advice fees where no advice was actually provided to the client-with those fees often being charged invisibly by being deducted from the client's accounts or superannuation accounts.

BY   |  TUESDAY, 16 JUN 2026    2:18PM For years, Australians have made health decisions that shouldn't have been in conflict with their financial future. Despite medical advice to test for hereditary cancer risk, some chose not to proceed. Not because they feared the result, but because they feared the insurance implications.