Dear Clients and Friends,

October brings warmer weather, longer days and new spring growth — a lovely moment to pause, take stock and prepare for the final stretch of the year. I hope this finds you well.

The September quarter asked a good deal of patience. Continuing concerns over inflation led the Reserve Bank to lift the cash rate by 0.25% to 4.60%, its highest level in around 15 years, citing rising energy costs and stronger-than-expected economic activity. Headline inflation rose to 4.0%, while underlying inflation held steady at 3.6%. Understandably, consumer confidence dipped. Australian shares eased back from the 9,000-point mark in September as bond yields rose, oil prices climbed back above US$100 a barrel, and the Australian dollar settled near US70 cents.

Yet beneath the headlines, much continues to move forward. Global share markets are well ahead of where they were a year ago, businesses continue to adapt, and the case for staying broadly diversified — with experts working steadily behind the scenes — remains as strong as ever.

Thank you for the trust you place in us. It is a privilege to walk alongside you, and as always, my door is open if anything in your life has changed or you would simply like to talk.

Warm regards,

Eleonor Klopsch CFP® Director, EWK Private Wealth

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