Why the last financial year may have been a warning for ASX investors

The S&P/ASX 200 Index returned 2.7 per cent in 2025-26, but the headline number conceals more than it reveals, and what it conceals is becoming harder to ignore.

The S&P/ASX 200 Index returned 2.7 per cent in price terms last financial year. Add dividends, and the accumulation index reached 6.3 per cent.

While that is respectable on face value, it is deeply insufficient when set against the structural risks that investors are now being asked to absorb.

Source: https://www.afr.com/markets/equity-markets/why-the-last-financial-year-may-have-been-a-warning-for-asx-investors-20260725-p60ijk