Steering Ahead with Purpose
As we move through early 2026, recent months have once again reinforced an enduring truth of long-term investing — and of life itself: progress is rarely smooth, yet resilience endures.
Since the beginning of the year, markets have continued to navigate a complex landscape. Inflation has moderated, interest-rate settings have stabilised, and economic growth — while uneven — has remained more resilient than many expected. At the same time, geopolitical developments have reminded us that uncertainty is never far from the surface.
At EWK, we approach this environment much like a seasoned captain navigating open waters — steady at the helm, guided by experience, aware of changing conditions, yet never losing sight of the destination.
Short-term movements are acknowledged.
They are not allowed to define the journey.
Market Pulse — Key Indicators (as at 31 March 2026)
|
Date |
ASX 200 |
AUD / USD |
RBA Cash Rate |
Australian 5-Year Bond Yield |
|---|---|---|---|---|
|
31 Mar 2026 |
~9,050 |
~0.65 |
3.60% |
~3.95% |
|
31 Dec 2025 |
~8,920 |
~0.66 |
3.60% |
~3.85% |
|
30 Sep 2025 |
8,775 |
0.655 |
3.60% |
3.78% |
|
30 Jun 2025 |
8,542 |
0.650 |
3.85% |
3.43% |
(Final figures can be fine-tuned prior to publication.)
Quarterly Observations — A Broader Lens
While the March quarter has unfolded against a backdrop of renewed global tension, markets have remained notably composed.
-
Australian equities have continued to show underlying strength
-
The Australian dollar has remained relatively stable
-
Interest-rate settings have held steady
-
Bond yields have adjusted modestly
-
Global markets have continued to progress despite uncertainty
This reinforces a familiar pattern — markets adapt, even when conditions feel unsettled.
A Moment in Time — Not the Whole Story
Recent geopolitical developments, including the escalation of conflict involving Iran, have evolved into a full-scale and deeply consequential regional war. The impacts are being felt globally — through energy markets, supply chains, financial markets, and broader economic confidence.
For many, these events are not abstract. They are immediate, confronting, and deeply human. They influence sentiment, decision-making, and the sense of stability we all seek.
These events matter.
They matter profoundly.
Yet even within this reality, it is important to recognise that such periods — as significant and far-reaching as they are — form part of a much longer continuum.
History shows that while conflicts can disrupt economies and markets in the short term, they have not altered the broader trajectory of human progress, innovation, and global growth over time.
The challenge is not to dismiss these events —
but to hold both truths at once:
-
that the present moment is significant,
-
and that the long-term journey continues beyond it.
And it is through this broader lens that the following long-term perspectives provide valuable context.
The Long View — Nearly Two Decades of Perspective
Figure 1: Total Cumulative Return — ASX 200 vs S&P 500 (2007–Mar 2026)
Across nearly 20 years, markets have moved through:
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2007–09 — Global Financial Crisis
-
2010–2019 — Expansion and innovation
-
2020 — COVID shock and recovery
-
2021–2023 — Inflation and rate adjustment
-
2024–2026 — Stabilisation and recalibration
Each period felt uncertain at the time.
Each is now simply part of the journey.
It is not timing these events that defines outcomes —
but remaining invested through them.
Australia’s Interest-Rate Cycle — The Rhythm of Change
Figure 2: Australian Cash Rate (%) — 2007–Mar 2026
-
Higher pre-GFC rates
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Sustained post-crisis declines
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Ultra-low COVID-era settings
-
Rapid tightening to control inflation
-
Stabilisation into 2025–2026
No single environment persists indefinitely.
A Multi-Generation Perspective — Since 1950
Figure 3: Australian Interest Rates — 1950–Mar 2026
Across generations:
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Stability
-
Inflation
-
Correction
-
Expansion
-
Adjustment
Today’s conditions are not exceptional —
they are part of an ongoing cycle.
Reflections — What Endures
Across cycles, decades, and global events:
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Volatility tests resolve, not strategy
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Diversification provides stability
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Patience builds outcomes
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Purpose guides decisions
Steady as She Goes
“Steady as she goes” is not passive.
It is:
-
deliberate
-
informed
-
disciplined
It is the ability to remain grounded while the world shifts.
As we continue through 2026 and beyond, our commitment remains unchanged:
To guide you steadily through changing conditions,
to protect and grow what matters most,
and to ensure your financial journey remains aligned with your long-term purpose.
Sources and Market Data
Market information reflects publicly available data as at 31 March 2026, together with subsequent developments observed into April 2026.
Charts are illustrative and educational, designed to highlight historical patterns rather than replicate exact index performance.
