In 2023, positive developments included robust property markets in Perth, Adelaide, and Brisbane, where monthly house prices rose by over 1%, contributing to an 8.1% increase in CoreLogic’s national Home Value Index for the year. Superannuation funds rebounded, with the median balanced option expected to return 9.6% in 2023. Despite the Australian economy’s 2.1% growth, marking the eighth consecutive quarter of expansion, concerns arise from a slight uptick in November’s unemployment to 3.9%, a rise of around 81,000 unemployed individuals, and a 0.4 percentage point increase in the unemployment rate, along with ongoing pressure on the Australian dollar amid global economic dynamics.

Read more in our January Newsletter here