‘Twas the night before Christmas, and all through the house,
Not a creature was stirring, not even the RBA mouse.
While rate cuts abroad brought cheer and delight,
Australia sat waiting, holding on tight.

As we reflect on 2024, it’s clear the year was shaped by global events, economic resilience, and a series of milestones closer to home. Inflation, interest rates, energy prices, and technological advancements took centre stage. Meanwhile, at Lambourne Partners, we marked a year of progress—celebrating 40 years in business, opening new offices, and obtaining our own Australia Financial Services Licence.

Here’s our month-by-month look back at 2024, connecting global events to the Australian economy and key milestones for our clients and team.

January: A Strong Start Amid Global Optimism

The year opened with hope. Global inflation cooled, and the U.S. Federal Reserve hinted at pausing its aggressive rate hikes. Tech giants like Microsoft and Apple surged, riding the wave of growing excitement around artificial intelligence.

The ASX followed the global rally, though Australian households remained cautious. Christmas sales numbers were solid, but discretionary spending softened, reflecting the lingering impact of higher costs of living.

February: Inflation, Resilience, and Recovery Efforts

Inflation remained the word on everyone’s lips. While global price pressures eased, progress was slow, keeping central banks wary. Meanwhile, devastating earthquakes in Turkey and Syria captured the world’s attention, prompting global humanitarian efforts.

Locally, the Albanese Government’s “Future Made in Australia” initiative highlighted investments in renewable energy and domestic manufacturing. For investors, this sparked renewed interest in infrastructure and clean energy sectors. Inflation sat at 4.2%, and the RBA signalled its ongoing watchful stance.

March: Global Banking Crisis and Local Stability

March brought market jitters as Silicon Valley Bank (SVB) collapsed and Credit Suisse wobbled, triggering fears of a broader banking crisis. Governments and regulators moved swiftly to contain the damage, restoring global confidence.

Australia’s banking sector weathered the storm well, thanks to strong regulations and prudent practices. Financial stocks dipped briefly before rebounding. On a brighter note, Fortescue Metals made headlines with its $1 billion green hydrogen investment, a strong step toward Australia’s energy transition goals.

April: Rebounds, Rate Hikes, and Rising Commodities

Markets stabilised in April as fears of a banking contagion eased. Demand for iron ore surged, driven by China’s economic activity, offering a boost to Australian resource companies.

However, the RBA delivered a surprise 0.25% rate hike, reminding borrowers that inflationary pressures still loomed. Mortgage holders adjusted yet again, while investors cautiously turned their focus back to growth.

May: Budgets, Elections, and Cost-of-Living Focus

May brought political and economic developments at home and abroad. The Federal Budget promised cost-of-living relief, with energy subsidies, childcare support, and infrastructure spending taking centre stage.

Globally, India’s national elections reinforced its role as an emerging economic powerhouse, presenting new trade and investment opportunities. Meanwhile, Telstra delivered strong profits, reflecting stability in uncertain times. Back at Lambourne Partners Wealth, we prepared to open our Singleton office – a key milestone in serving clients across the Hunter Valley.

June: EOFY Rush and the AI Revolution

June was dominated by two forces – EOFY strategies and the global AI boom. NVIDIA’s market valuation hit $1 trillion, sparking excitement around artificial intelligence and its transformative potential for industries worldwide.

Locally, EOFY activity had households and businesses optimising tax strategies and maximising super contributions. Despite the RBA raising rates to 4.6%, property prices held firm, supported by strong migration and low housing supply.

For us at Lambourne Partners, June was a landmark month as we officially obtained our Australian Financial Services Licence (AFSL) – ensuring we deliver truly independent advice to our valued clients.

July: Tech Resilience and Biotech Growth

Global tech stocks continued to shine, bolstered by AI-driven optimism and solid U.S. economic data. International headlines focused on NATO and ongoing geopolitical tensions, which kept energy markets elevated.

Back in Australia, biotech leader CSL expanded its Melbourne research hub, reinforcing the nation’s role in healthcare innovation. Property prices remained steady, proving yet again the strength of Australia’s housing market in times of uncertainty.

August: China Concerns and Mixed Results

August brought renewed concerns about China’s slowing economy as Evergrande’s debt crisis resurfaced, sparking fears of reduced commodity demand. Global markets responded cautiously, impacting resource-heavy sectors like Australian mining.

Reporting season delivered mixed results. BHP paid strong dividends, while Qantas reported a profit turnaround, albeit clouded by customer dissatisfaction. For investors, diversification remained the name of the game.

September: Property Resilience and Energy Worries

Energy prices surged as OPEC+ announced production cuts, stoking inflation fears. Meanwhile, China’s slowdown continued to ripple across trade-exposed sectors globally.

Despite these challenges, Australia’s property market remained robust. Sydney and Melbourne posted further gains, driven by migration and limited supply. At Lambourne Partners, we proudly celebrated 40 years in business, a milestone built on decades of trust, relationships, and consistent results for our clients.

October: Inflation Pressures and Global Conflict

Geopolitical conflicts in the Middle East caused fresh volatility in oil and energy markets, keeping inflation sticky worldwide. This added complexity for global and local investors, as energy prices weighed on growth forecasts.

Locally, Australia’s clean energy sector continued to gain momentum, with government incentives paving the way for further investment in infrastructure and renewables.

November: Markets Rally and Stabilisation Begins

November brought optimism as central banks, including the RBA, hinted that rate hikes were nearing their end. U.S. inflation eased, sparking global rallies.

The ASX hit a two-year high, led by financials and tech. Locally, NAB delivered strong earnings, reflecting the opportunities created by higher margins. Investor sentiment turned to growth strategies, confident that the worst of the tightening cycle was behind us.

December: A Resilient Close to the Year

As the year draws to a close, stability has returned. The RBA held rates steady, offering mortgage holders a reprieve just in time for Christmas. Consumer confidence improved, and festive spending has exceeded expectations.

Closer to home, we announced the exciting opening of our East Gosford office, strengthening our presence in the Central Coast community. Property markets closed the year up 7.5%, a testament to demand, migration, and Australia’s enduring love for real estate.

Conclusion: The Year That Was and What Lies Ahead

2024 reminded us how interconnected global and local economies have become. From China’s slowdown and global banking scares to the AI boom and persistent geopolitical tensions, the year tested investors while also offering opportunities for those prepared to adapt.

At Lambourne Partners, 2024 was a year of growth – celebrating 40 years in business, expanding into Singleton and East Gosford, and gaining our AFSL to deliver fully independent advice. We are incredibly proud of these milestones and grateful for the trust and support of our clients throughout the year.

As we look ahead to 2025, the outlook feels brighter. Inflation continues to trend lower, rate cuts may finally appear on the horizon, and opportunities in clean energy, infrastructure, and resilient sectors like property remain compelling for long-term investors.

We’d like to take this opportunity to wish everyone a Merry Christmas and safe, relaxing holidays. We hope you find time to unwind, reconnect with loved ones, and reflect on the year gone by.

We’re looking forward to an exciting 2025 – filled with new opportunities, growth, and, as always, a focus on helping our clients achieve their goals.

Here’s to a prosperous, well-planned, and rewarding new year!

– Kurt Purkiss
Lambourne Partners Wealth