Link to IWP's October 2025 Update (PDF) https://tinyurl.com/3njbkdx2

Markets remain steady as both Australian and U.S. economies show resilience amid cautious central bank policy and ongoing global uncertainty. In this month's discussion, Andrew and Lynn explore the latest economic data and what it means for investors:

• The RBA pauses rate cuts after three earlier reductions this year, taking a data-driven and cautious approach

• Australian GDP growth comes in slightly above expectations at 1.8%, signalling a deliberate economic slowdown to control inflation

• Unemployment remains stable at 4.2%, consistent with the RBA's soft-landing target range

• In the U.S., a brief government shutdown grabs headlines but is expected to have minimal long-term impact • The Federal Reserve delivers its first 25-basis-point rate cut of the year, reflecting stabilising inflation and ongoing labour-market strength

• Markets remain strong, with the IWP High Growth Portfolio returning approximately 14.6% over the past 12 months

• Political developments and tariff policies continue to introduce short-term volatility, but long-term fundamentals remain intact As always, we highlight the importance of staying diversified, disciplined, and invested for the long term.

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IWP Market update - October 2025