Westpac reports that the December quarter saw net inflows of:
- Debt $10.5bn, up from $7.1bn in Q3 (prev $7.6bn)
- Equity $5.1bn, more modest than Q3’s $9.7bn (prev $8.8bn), but still almost twice the average pace of the past three years
- Portfolio investment $4.7bn, significantly above Q3’s $0.8bn
- Direct investment accelerated to $13.2bn.
The global scramble for yield is driving up the ASX 50. We need to beware that capital inflows are fickle and may bolt at signs of a falling Aussie dollar.

Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.