収入s, 産する／生じる to 運動 returns in 2023
It's been a 堅い year for most 公正，普通株主権s and 投資家s will likely have to 受託する lower returns in 2023 - but Australia will still likely outperform its 全世界の peers, によれば a boutique 基金 経営者／支配人.
SG Hiscock 大臣の地位 経営者／支配人 Hamish Tadgell says 株 are reaching a "real pivotal change" after 30 years of 拒絶する／低下するing 利益／興味 率s 運動ing markets.
"A lot of 投資家s 港／避難所't really experienced or 投資するd in an inflationary 環境 before and it does have やめる 深遠な 関わりあい／含蓄s over valuations and returns," he told a 最近の マスコミ 要点説明.
Since May, the Reserve Bank of Australia 引き上げ（る）d the 公式の／役人 cash 率 from 0.1 per cent to 3.1 per cent, its highest level in a １０年間.
More 率 増加するs are 推定する／予想するd in Australia and by central banks overseas.
Higher 利益／興味 率s and インフレーション means 投資 returns are going to be lower after a long period of above-普通の／平均（する） returns.
"It really comes 負かす／撃墜する to the axiom that the price of money 決定するs the price of 資産s - and in an 環境 where the price of money has been 落ちるing, it's no surprise that 資産 values have been 企て，努力，提案 up," Mr Tadgell said.
But looking 今後, real returns would be lower and they would be driven by 収入s and 産する／生じる, he said.
Mr Tadgell said a number of 会社／堅いs would go 破産した／（警察が）手入れする as 無益な companies with high cash 燃やす 率s 設立する it hard to recapitalise their 負債.
But he said Australia was 井戸／弁護士席 placed to 配達する better returns than other nations.
Mr Tadgell pointed to the country's good system of 政府, 全住民 growth, superannuation 計画／陰謀 and 供給（する） of in-需要・要求する 商品／必需品s as 肯定的なs.
"We stand to 利益 and I think 明確に things like lithium and 巡査 and アイロンをかける 鉱石 and nickel and these types of 商品／必需品s are in strong 需要・要求する," he said.
Mr Tadgell said he was a fan of COVID-19-再開するing plays like 航空機によるs, 必須の services and 組織／基盤／下部構造 companies.
But he's 用心深い about 支援 消費者 discretionary companies as Australian mortgage 支えるもの／所有者s start to feel the pinch of higher 利益／興味 返済s and 減ずるd 使い捨てできる income.
明言する／公表する Street 全世界の 助言者s 公正，普通株主権 投資 strategist Julia 物陰／風下 told AAP her 会社／堅い had done a lot of 研究 on the 段階s of 商売／仕事 cycles, looking at 主要な 経済的な 指示する人（物）s in the 部隊d 明言する／公表するs since 1961.
If that 研究 持つ／拘留するs, Ms 物陰／風下 said late in 2023 could be the time for 投資家s to 焦点（を合わせる） on a switch to the "回復" part of the cycle.
In that part of the cycle, the data 示唆するs the 消費者 discretionary, real 広い地所 and 構成要素s 部門s will outperform, while healthcare, 消費者 中心的要素s and 公共事業（料金）／有用性s underperform.
Ms 物陰／風下 said the US dollar also appeared to be 頂点（に達する）ing, which would be good news for Australian 投資家s for a number of 推論する／理由s.
A 落ちるing dollar usually meant rising 物価s, making Australian 株 more attractive to overseas 投資家s and signalling that インフレーション and 産する／生じるs were "rolling over".
But Australians 投資するing overseas might want to consider hedged 製品s in the event of a 落ちるing US dollar, Ms 物陰／風下 said.
In 2022, Australia's （判断の）基準 S&P/ASX 200 索引 記録，記録的な／記録するd its worst year since 2018, losing nearly 5.5 per cent for the 12-month period にもかかわらず a final-４半期/4分の1 bounce.
The energy 部門 was the standout performer, 伸び（る）ing 40 per cent o n 殺到するing oil and gas prices fuelled by the war in ウクライナ共和国.
Australian 株 未来s 解除するd 32 points, or 0.45 per cent, to 6993 on Friday.
