AUSBIZ
In this interview, Tom Cranfield outlines how proposed federal budget measures, particularly around capital gains and property investment, could drive a structural shift in portfolio construction across Australia. While legislation is not yet finalised, investors are already proactively reassessing their positioning and considering how to optimise outcomes.
Australia’s Federal Budget has triggered wide‑ranging debate across markets, households and the property sector. In a recent investor webinar, Stephen Koukoulas, Zagga’s Economist‑in‑Residence, joined Zagga CEO & Co‑Founder Alan Greenstein and Executive Director Frank Hageali to unpack what the budget means for inflation, interest rates, housing, and the real estate private credit landscape.
The defining issues of the past month centre on further tightening in economic conditions and a series of proposed tax amendments to negative gearing and capital gains tax. Worryingly, the unemployment rate climbed to a four and half year high of 4.5 per cent.
As global volatility reshapes portfolios, private credit is drawing increased attention – but not all strategies carry the same risks, particularly when comparing US corporate lending to Australia’s real estate-backed market.
GREEN STREET NEWS
Dare Property switched plans for a hotel to residential apartments to capitalise
on the demand for housing supply, securing Zagga as the financier for the Melbourne residential debut.
The Australian economy is navigating a challenging period, marked by higher interest rates, elevated energy costs and growing signs of strain across confidence, spending and housing.
In his latest Two Minutes for Zagga update, Stephen Koukoulas outlines the key developments shaping economic conditions and what they may mean for households, businesses and property markets as the year progresses.
SELF MANAGED SUPER
Australia’s SMSF sector continues to expand at pace. According to data in the Alvarez and Marsal “Australian Private Debt Market Review” from November 2025, the September quarter alone saw 14,500 new SMSFs established representing the highest level on record and bringing total sector assets to more than $1 trillion.
This growth is occurring against a more complex investment backdrop. Heightened geopolitical tension, persistent inflationary pressures and market volatility are challenging traditional portfolio construction. For many investors, the focus has sharpened on three core objectives: dependable income, capital preservation and diversification.
In that context, Australian real estate private credit is gaining increased attention.
Significant downside risks to economic growth and higher inflation – that is the combination of news unfolding in the Australian economy over the past month.
The volatility in sentiment and economic conditions as the result of developments in the Middle East war is making it difficult for policy makers, business, governments and householders to plan ahead with any degree of confidence. Add to this the interest rate hikes from the RBA in February and March, and the expectation of more to come, and the negativity surrounding sentiment is understandable.
STOCKHEAD & THE AUSTRALIAN
As global volatility reshapes portfolios, private credit is drawing increased attention – but not all strategies carry the same risks, particularly when comparing US corporate lending to Australia’s real estate-backed market.
Stephen Koukoulas opens his April update by highlighting the dominant forces now shaping the economy and financial markets: oil prices, petrol supply, inflation, and interest rates.
These factors are central to the Reserve Bank’s thinking as it prepares for upcoming policy decisions.
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We would like to acknowledge the Traditional Custodians of the lands, seas, and communities in which we provide our services. We would also like to pay our respects to the Elders past, present and emerging, and the continuing cultural influence they have on Australia.
Zagga Market Pty Limited (Australian Credit Licence 490904) ACN 611 662 401 acts as the Servicer of loans acting on behalf of the credit provider, Zagga Investments Pty Limited (AFSL 492354) ACN 615 154 786, trustee of the Zagga Investments Lending Trust
All portfolio numbers quoted correct as at 30 June 2026.
*Average investor return across the active portfolio as at 30 June 2026.
**Target return is after expenses and any applicable management fees for the year ended 30 June 2027. OCR = Australian Reserve Bank Official Cash Rate.
Past performance is not a reliable indicator of future performance, and should not be taken as an indication or guarantee of future results. Investments involve risk, fees and costs, and returns are not guaranteed. No representation or warranty is made regarding future performance, and economic conditions may change.
Prospective investors wishing to invest in a Zagga direct investment or a Zagga Fund should fully consider the Information Memorandum, ZFF Fact Sheet and/or ZWF Brochure, available from Zagga, before applying to invest. Investments are subject to risks.
Articles (including white papers and audio or video content) and FAQs on this website have been prepared by Zagga Investments Pty Limited (AFSL 492354) ACN 615 154 786 (Zagga) for general information only. They do not take into account your objectives, financial situation or needs, and are not a substitute for accounting, tax or other professional advice. Nothing in these articles or FAQs is an offer or solicitation to buy or sell a financial product, nor a recommendation to enter into or refrain from any transaction.
Any analysis provided in the articles (including white papers and audio or video content) or FAQs on this website is based on information believed to be reliable, however Zagga does not represent or warrant that it is accurate, complete or up to date. Zagga is not obliged to update the information or opinions contained in any article it. Opinions are those of the author and may change without notice. Readers should exercise their own judgment when relying on information contained in the articles or FAQs. To the maximum extent permitted by law, no member of Zagga accepts liability for any loss arising from the use of such information.
Media coverage featured reflects the independent opinions of the authors and does not necessarily represent the official views of Zagga.
