Wall Street’s extraordinary run this year is delivering a welcome boost to Australians’ superannuation balances, with the S&P 500 smashing through 7,600 for the first time. The scale of the surge becomes even clearer in context: a decade ago the index’s all‑time high sat near 2,100, and just five years ago it hovered around 4,200.
Australia’s own share market has also enjoyed a strong climb, despite pockets of recent weakness. The global momentum has prompted one US academic to argue that markets may have entered a state of “bliss” a period defined by persistent gains supported by governments and central banks reluctant to let major companies fail.
This theory, dubbed the “big lasting state support” trade, suggests policymakers have become increasingly interventionist to avoid the kind of systemic shocks that historically triggered deep economic pain. The crash of 1929 ushered in the Great Depression, while the 1987 collapse and the policy response that followed contributed to Australia’s 1992 recession.
Whether today’s rally represents a durable new chapter or simply another cycle remains to be seen. But for now, the combination of strong US markets and global investor confidence is flowing directly into the retirement savings of millions of Australians.
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