Economic Reports.

Although we believe price pressures will ultimately remain contained in 2018 and even into 2019, there is scope for expectations of inflation to rise further as economic growth continues and central banks move towards monetary normalisation.

Although the economic outlook is positive for 2018, we are fully aware that sharemarkets have risen sharply in recent years and valuations are high. Consequently, we will continue to monitor economic and political developments for any negative signals.