Yes, buy index funds on U.S., EU, and Australian stocks.
That's an interesting set. What, no Japan or China? No emerging markets whatsoever? Why would an Australian want exposure to domestic equity when, most likely, he is already exposed to Australia's economy?
You are right about Japan. I'm not sure about China as it might be too corrupt for passive investing to work.
Why would an Australian want exposure to domestic equity when, most likely, he is already exposed to Australia's economy?
To help mitigate the currency risk of investments? (Although I'm not sure about this answer.)
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