BT Investment team’s 2021 Year in Review and 2022 Outlook


Each year the BT Investment team publishes its annual review of the year’s economic and market events that helped shape the return outcomes of our portfolios.

Several key themes dominated economic activity over 2021. The global economy continued its recovery from the pandemic, aided by extraordinary fiscal and monetary policy support. Uncertainty remained high, highlighted by the emergence of the Delta and Omicron variants. Lockdowns and disruptions continued as authorities worked to limit health impacts. 

For 2022 however, we have a mildly constructive outlook for the year ahead, but asset returns, in particular for equities, will likely fall short of 2021’s. Over the longer term, our current 10-year asset class return expectations have fallen post the strong returns seen through 2021 and while equities will continue to provide a positive real long-term return, a rising yield environment and narrowing equity risk premia pose a challenge for investors that expect historical levels of performance from major asset classes to continue.

Download – BT Investment Team 2021 review & 2022 outlook 

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This document has been created by Westpac Financial Services Limited (ABN 20 000 241 127, AFSL 233716). It provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such. This information has been prepared without taking account of your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. Projections given above are predicative in character. Whilst every effort has been taken to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The results ultimately achieved may differ materially from these projections. This document may contain material provided by third parties derived from sources believed to be accurate at its issue date. While such material is published with necessary permission, Westpac Financial Services Limited does not accept any responsibility for the accuracy or completeness of, or endorses any such material. Except where contrary to law, Westpac Financial Services Limited intends by this notice to exclude liability for this material.

Information current as at 15 June 2020. © Westpac Financial Services Limited 2020.