The difference is crucial to asset returns over the coming cycle. Aggregate global growth may appear to be the same at the headline level, but with the US the growth engine and China the caboose, the range and order of asset cars arrayed between them will be very different. So will be the returns for each.
Moreover, these cyclical forces will further be buffeted by epochal shifts in structural forces shaping the global economy which have, if anything, changed even more dramatically in the past few years.
What this means is that now is the time for investors to abandon Australia for global assets.
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Tim Fuller is Head of Advice at Nucleus Wealth.