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ASX-listed PE firm places big bets on SpaceX IPO
While private equity (PE) has faced countless headwinds in the past year, none the least being higher interest rates – increasing the cost of borrowing – one ASX-listed PE stock, Pengana Private Equity Trust (ASX: PE1), is proving that it’s possible to close the valuation gap plaguing so many of its peers in this sector. Admittedly, like the sector at large, PE1 shareholders who entered the stock when it IPO’d (raising A$205 million) on 30 April, 2019, at an issue price of $1.25 per unit have had precious little to crow about over the last seven years. To address growing shareholder unrest, management implemented an on-market buyback program in July 2025 to help staunch the 30% discount between the stock’s net asset value (NAV) and its share price. While this helped to narrow the price-to-NAV discount by around 10 percentage points, the single biggest driver of the more recent value-gap narrowing is its stake in Elon Musk’s privately held SpaceX. The stock’s CEO, Russel Pillemer, recently told the market that an investment in SpaceX allows PE1 to achieve significant long-term gains via a pre-IPO opportunity before markets fully price in its potential. SpaceX does not trade on exchanges like the NYSE or Nasdaq; howev
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Global assets key for Aussie growth in 2026
While the Aussie bond market is expected to continue attracting an unprecedented number of global investors in 2026, the same can’t be said for Aussie equities, with headwinds brewing in the local economy likely to put a drogue on corporate earnings. While State Street Investment Management doesn’t expect a material deterioration in the state of the Aussie economy, it’s concerned that limited catalysts for further domestic growth coincide with an improving outlook globally. With that in mind, the firm’s 2026 Global Market Outlook (GMO) urges Australian investors to prioritise diversified global portfolios. That means tilting portfolios to have a lower home bias, especially when it comes to Australian equities, with the investment manager remaining cautious on their valuations and momentum, which remain unattractive.Gold will offset uncertainty“Diversifying across asset classes including Australian fixed income – which we think is attractive at this stage, offering income, capital preservation and diversification – and gold will also help investors deal with the still considerable uncertainty in global markets,” noted State Street in its recently released 2026 Global Market Outlook. Given its low correlation with equiti
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ABS: Household spending jumps 1.3% in October
Australian household spending rose unexpectedly by 1.3% in October according to fresh data from the Australian Bureau of Statistics (ABS), surpassing market expectations of a 0.6% increase and marking the largest monthly lift since January 2024. On a year-on-year basis, spending was up 5.6% compared to October 2024, following a 5.1% increase in September. Tom Lay, head of business statistics at the Australian Bureau of Statistics (ABS), noted: “Discretionary spending surged this month led by goods as promotional events saw households spend more on clothing, footwear, furnishings and electronics following months of weaker spending in these categories. "Services spending also rose in October, as major concerts and cultural festivals drove up demand for catering, hospitality and hotel stays in major cities.” In October, goods spending rose 1.7% month on month, while services spending increased 0.8%. Discretionary spending climbed 1.6%, up from just 0.1% in September, while non-discretionary spending rose a steady 0.8%. All nine categories tracked by the ABS saw growth, led by clothing and footwear, up 3.5%, furnishings and household equipment, which gained 3%, and hotels, cafes and restaurants, up 2.2%. However,
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Corrs: PE to focus on tech, biz services, defence in '26
With momentum building throughout the second half of 2025, technology, business services, and financial services - including payments and wealth management platforms – are emerging as the most attractive sectors for private equity (PE) investment over the next year. According to the latest outlook by Corrs Chambers Westgarth, 2026 will see PE activity continue gaining momentum, especially within technology and business services that have seen earnings multiples steadily increase over the past 12 months. While healthcare remains a perennial area of interest, Corrs expects to see growing interest in businesses that can benefit from increased demand for onshore manufacturing, particularly in the defence sector. While the mid market – especially transactions in the $50 - $250 million range – have shown strong resilience - Corrs has also witnessed an investment focus on platform plays with clear growth potential and operational improvement, rather than financial engineering. "The trend toward targeted, nuanced and discreet sale processes continues, with early engagement of a select group of potential buyers proving popular," the Corrs report noted. Settings are ripe for investment in defenceThe Australian commercial law fi
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Super fund laundering risks rise: AUSTRAC
Superannuation trustees can expect to encounter more issues of money laundering as a greater number of their members reach retirement age - at least that’s one of the missives dished out by AUSTRAC deputy CEO Katie Miller to attendees at this year’s ASFA Conference 2025. This isn’t the first time the government's anti-money laundering (AML) watchdog has flagged incidents of dodgy activity within the super sector. However, Miller drilled down on these suspicions by warning the sector to prepare for an uptick in bad actors trying to capitalise on a system that’s ill-prepared for this type of behaviour. There is no specific figure available that quantifies the total value of money laundering within the superannuation sector; however, last year, AUSTRAC claimed that criminal groups were directly responsible for between 10% and 50% of criminal proceeds generated from superannuation fraud. AUSTRAC’s Cost of Crime report also noted that super fraud was likely to remain a stable money laundering threat over the next three years. “The fundamental role of superannuation for Australia’s ageing population, and the ongoing increase in superannuation balances, will ensure this sector remains highly attractive to criminal indivi

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Aussie advisers position portfolios for next 6 months
Whether you see it as a heads-up on investments to steer clear of or want to ride on its coattails, new data from active investor Fidante reveals where financial advisers expect to allocate client funds over the next six months. Last month, amid heightened uncertainty within global investment markets and stretched equity valuations, Fidante surveyed more than 200 financial advisers for its third edition of the Fidante Adviser Markets Survey. Having run a ruler over the survey, Azzet presents Fidante's findings. For starters, Fidante’s research points to bullish sentiment, particularly in small caps and emerging markets, as well as a growing appetite for alternative assets. Despite heightened volatility under the Trump administration, especially following the so-called Liberation Day tariffs earlier in the year, positive sentiment in small caps and emerging markets has almost doubled since April 2025. Unsurprisingly, given the global appetite for Australia’s asset classes right now, more than 60% of advisers are bullish or very bullish on Australian small caps over the coming six months, followed by global small caps (57%) and emerging markets (53%). More than half of advisers surveyed expect small caps and emergi
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Advisers prioritised own interests in SMSF setups: ASIC
The prospect of gaining greater investment control over their retirement savings, wider investment choices and potential cost savings for larger balances, has encouraged Australians to establish self-managed super funds (SMSF) in their droves. But while around 600,000 SMSFs now exist across the country a new study suggests that most could be doing investors more harm than good. According to an ASIC review, almost two-thirds of SMSFs established under the recommendations of a financial adviser are not only unsuitable to their needs but also put their retirement savings at risk. Based on 100 financial advice files investigated, ASIC research concludes that 62 failed to demonstrate compliance with the best interests duty, while a quarter of these flagged major concerns about client detriment relating to recommendations to set up an SMSF in the first place.Advisers acted as order takersOn the flipside, only 38% of client files managed to demonstrate compliance with the mandate advisers have to act in clients' best interests. In the instances where clients were given a bum steer, ASIC concluded that advisers had not based all judgements entirely on the circumstances relevant to each individual. This included "inappropriate
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ABS: Household spending ticks up 0.2% in September
Monthly household spending has increased on both a month-by-month and year-by-year basis in September, according to new data from the Australian Bureau of Statistics (ABS). On a month-to-month basis, spending in September increased by 0.2% from December and increased by 5.1% from the same time last year. Spending also grew 0.2% for the quarter ending September. The category with the largest increase was recreation and culture, growing 1.1% from last month, following two consecutive months of decreased spending in August and July. Other categories that experienced an increase were health (0.7%), food (0.6%), and furnishings and household equipment (0.4%). The largest decrease was in alcoholic beverages and tobacco, which fell by 0.8% in September, marking a third consecutive month of decreased spending. On a quarterly basis, the categories with the largest growth were health (1.8%), miscellaneous goods and services (1.2%), and food (1.1%) The category with the sharpest decline in the quarter was alcohol, beverages, and tobacco, down 6.8%. Monthly spending increased in four of the eight states and territories. The state with the largest spending growth was New South Wales, where household spending rose by
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ABS: Household spending rises for fourth month
Australian household spending rose modestly in August, with the Australian Bureau of Statistics (ABS) reporting a 0.1% increase on Thursday. The gain was smaller than the 0.4% and 0.5% rises recorded in June and July, but extended a run of four consecutive monthly increases. For the year, data showed spending was 5% higher than in August 2024. Lauren Binns, ABS head of business statistics, said: “The small rise in August was the fourth increase in a row, and spending has risen in 10 of the last 12 months. Through the year growth remained elevated. Household spending was 5.0 per cent higher than the same time last year. "Households spent more on booking airline travel and accommodation services during August. This contributed to a 0.5 per cent rise for Services spending. In contrast, Goods spending fell 0.2 per cent.” The release comes two days after the Reserve Bank of Australia (RBA) left the cash rate unchanged, as policymakers weighed the risks of inflationary pressures returning. The concern was underscored by August’s consumer price inflation (CPI) data, which revealed headline inflation climbed to an annualised 3% – its highest level in over a year. At the same time, the RBA highlighted that household bu