Please click here to view Shane Oliver's summary of investment markets for 2025, and thoughts on 2026. 

The key points raised are:

• The key themes for 2025 were: tariff turmoil; global resilience helped by AI enthusiasm; sticky inflation; lower rates; and lots of geopolitical noise. For the third year in a row, returns were strong, albeit they slowed.
• 2026 is likely to see volatility around US politics, geopolitics & central bank rates at the lows, but returns should be ok.
• Expect the RBA cash rate to hold at 3.6%, the ASX 200 to rise to 8900 & balanced super funds to return around 6.8%. 
• Australian home price gains are likely to slow to 5-7% with poor affordability and a less favourable rate outlook.
• Key things to keep an eye on are interest rates, the US midterms, AI enthusiasm, China, & Australian consumers.