On Point

There’s just three trading days to go in 2025, and that’s all. We’re pretty much at the end of 2025, so let's look back on how returns from most of the main asset classes stacked up and make a few observations for investors.

Inflation is back the target band and while it's not dead and buried, it's at least contained. However, that doesn't mean we can declare the cost-of-living crisis over. The things with inflation is that it measures the rate of change in prices, not the level of prices. Let's talk about why that matters.

Should I pay off the mortgage faster, or use that extra cash to invest? If this isn't the most common investor question, then it's definitely in the top five. The textbook, Excel spreadsheet, and your purist accountant friend are all likely to suggest paying down the mortgage. There's good reason for that, but when might it make sense to ignore the rules and do some investing on the side anyway?

Here's a fresh take on a popular episode from way back in June. We took a look at the 2025 UBS Global Family Office Report, which captured the views of 317 family office clients with an average net worth of US$2.7 billion! Attitudes to risk, governance practices, running costs, staffing and succession planning were all covered, but it’s where they put their money that interested us the most!

The last full trading week of 2025 is shaping up as an incredibly busy one right across the world. In the US, delayed jobs and inflation reports will take centre stage, despite both likely being subject to data quality issues due to the shutdown. Central banks will also be in focus, with monetary policy decisions coming from the European Central Bank, Bank of England and Bank of Japan. The calendar is just as full here in New Zealand, with the HYEFU on Tuesday and Thursday's September quarter GDP report the likely highlights. We'll also get the final dairy auction of the year, the latest REINZ housing market report, and a fresh ANZ Business Outlook.