There were record house prices and a record sharemarket - all during the second year of a pandemic. Massive government support coupled with ultra-low interest rates inflated asset prices.
An economy which the Reserve Bank believes will grow by 5.5 per cent next year. WaveStone Capital’s Catherine Allfrey says it’ll be driven by business and by consumers.
"Australians have saved 81-billion in the September quarter during lockdown predominately and i think that bodes well for 2022 in terms of two thirds of the economy is driven by the consumer and if consumers have a lot of savings they are going to be spending it so that is quite supportive or the earnings outlook for 2022 and for the stock market."
The stock market was dominated by merger and acquisition activity and some of the biggest ever seen, including the record-breaking 39 billion-dollar takeover of Afterpay by US payments giant Square, which has changed its name to Block.
And there was also Sydney Airport’s record cash sale to the Sydney Aviation Alliance consortium for $32.6 billion.
BHP also offloaded its petroleum assets to Woodside as it looked to focus on green energy - a trend being seen across the market, says Burman Invest's Julia Lee.
"And that’s not only been driven by retail clients, but also by the highest levels of government policy, but also by institutional funds are flowing and no doubt this is a structural shift that is going to impact us for many decades."
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