Welcome to the December 2025 Edition of the BFG Report 

Stay Cyber Safe this Christmas – Beware of QR Code Scams

As we head into Christmas and the summer holidays, many of us are shopping online, tracking parcels, travelling and spending more than usual. Unfortunately, this is also the time of year when cyber-criminals increase their activity.

One scam on the rise is QR code phishing, also known as “quishing.” Here’s what you need to know to help keep you cyber-safe.

What Is QR Code Phishing?

QR code phishing happens when scammers send an email, text message or even a flyer containing a fake QR code. When scanned on a mobile device, it can send you to a fraudulent website or trigger a malicious download — often designed to steal personal or financial information.

Because QR codes hide the link behind the image, they can look completely harmless at first glance.

How it Works

Scammers often use QR codes to:

• Direct you to fake websites that look legitimate
• Capture sensitive information such as login credentials, or financial details
• Install malware on your device
• Bypass traditional email security filters

These scams commonly appear as parcel delivery updates, payment notices, “missed delivery”

messages, or holiday-related offers.

Steps to Protect Yourself

1. If you receive a suspicious email which has a QR code, do not scan the QR code on your mobile device.
2. If the message seems important, verify the email with the sender using another channel for its legitimacy.
3. Be cautious with attachments or QR codes from senders you don’t recognise.
4. If you scan a suspicious QR code in an email received from an unknown sender, and enter your details, immediately reset your account credentials, and re-register your multi-factor authentication.

Always Remember

If you receive something from us that doesn’t look quite right – especially during the busy festive period, feel free to get in touch before taking any action.

Market Commentary and Outlook – November 2025

Summary

• November saw volatility despite the end of the US government shutdown.
• AI-related spending concerns weighed on global tech valuations.
• US rate cut expectations fluctuated; Fed likely to ease in December.
• Australian CPI rose to 3.8% YoY, reducing chances of an RBA cut.
• Australian equities fell (-2.79%), led by IT and Financials; small caps outperformed.
• Global equities posted modest gains; defensive sectors outperformed.
• Bond yields diverged: US yields fell, Australian yields rose.
• Gold surged (+5.91%), Bitcoin slumped (-16.7%)

Global Market Overview

November was marked by volatility across global markets. Despite the resolution of the US government shutdown, investor sentiment remained cautious amid concerns over heavy capital expenditure on artificial intelligence and its potential returns. Mixed US economic data caused expectations for a December Fed rate cut to fluctuate significantly.

Australia

Inflation surprised to the upside, with October CPI rising 3.8% YoY (up from 3.6%). Housing (+5.9%), food (+3.2%), and recreation (+3.2%) were key drivers. This reduced the likelihood of an RBA rate cut in December.

• ASX 200 fell 2.79%, led by IT (-11.58%) and Financials (-6.53%).
• Health Care (+1.99%) and Materials (+1.55%) outperformed.
• Small caps fell 1.48%, outperforming large caps.

Global Equities

Of note was the volatility in US equities. Despite the S&P 500 recording its seventh consecutive monthly gain the S&P 500 was down as much as 4.3% intra-month before recovering to close November with a gain of 0.51% as valuation concerns regarding larger technology companies and their capital expenditure weighed on sentiment.

• Currency-hedged global equities gained 0.32%, unhedged rose 0.17%.
• Defensive sectors outperformed: Global Listed Infrastructure +3.40%, GREITs +2.06%.

Fixed Income & Commodities

Bond yields in the US moved lower during the month with the US 10-year bond yield falling 7 bps to 4.01% and the US 2-year bond yield falling 8 bps to 3.49% as investors became more confident that the US Federal Reserve would cut the Fed Funds rate at its December meeting.

In Australia, the 10-year bond yield increased 22 bps to 4.52% whilst the 2-year bond yield increased 25 bps to 3.81% as stronger than expected CPI data quashed hopes of a December rate cut by the RBA.

• Gold surged +5.91% to US$4,239/oz; Bitcoin slumped -16.7%.

Outlook and Positioning

Persistent inflation is likely to delay rate cuts in Australia with some market participants suggesting that the next move by the RBA will be to increase rates. In the US, consensus is that the Fed will cut in December.

The debate over the AI-driven market continues, but a catalyst for a reversal is hard to pinpoint. Geopolitical and policy issues continue to take a backseat, but could impact growth prospects. Some stresses in areas such as private credit are starting to emerge.

Benchmark Returns

Period Ended: 30 November 2025	1 Month	3 Months	6 Months	1 Year	3 Years	5 Years	10 Years
	%	%	%	%	% (pa)	% (pa)	% (pa)
Australian Shares
Large Caps	-2.79	-3.70	2.62	4.23	9.41	10.14	9.56
Broad Caps	-2.64	-2.86	4.11	5.81	9.66	9.79	9.47
Small Caps	-1.48	3.84	16.73	19.43	11.49	7.13	8.90
International Shares
World ex-Australia in AUD Hedged (Net)	0.32	6.34	14.92	15.75	18.00	12.72	11.45
World ex-Australia in AUD unhedged (Net)	0.17	5.55	12.54	16.49	20.16	15.67	13.08
Australian Cash and Bonds
Bank Bill Index	0.30	0.89	1.84	4.04	4.09	2.64	2.10
Australian Bond Index	-0.88	-0.42	0.62	4.35	3.22	-0.36	2.13
International Bonds
International Bond Index in AUD Hedged	0.18	1.61	2.88	3.76	3.60	-0.49	1.97
Global Listed Infrastructures
Global Listed Infrastructure in AUD Hedged	3.40	5.18	7.94	6.79	7.13	7.45	8.46
Property
A-REIT – Accumulation	-3.85	-6.28	2.96	0.77	12.71	8.51	8.12
G-REIT – in AUD Hedged	2.06	2.13	6.04	2.11	5.16	3.87	3.17

High-yielding internet savings accounts

Financial Institution	Interest Rate**		Financial Institution	Interest Rate**
Rabobank Australia	5.00%		Bank Australia	4.75%
ING	4.75%		BCU	4.65%
Macquarie Bank	4.60%		AMP	4.45%

** Rates are subject to conditions and change. Rates are correct as at 11 December 2025

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This document is prepared by BFG Financial Services (BFG). General Advice Disclaimer: The information in this document is general advice only and does not consider the financial objectives, financial situation or needs of any particular investor. Before acting on this document, you should assess your own circumstances or seek personal advice from us. This report is current as at the date of issue but may be subject to change or be superseded by future publications. The content is current as at the date of issue and may be subject to change. If an investor requires access to other research reports, they should ask their adviser. In some cases, the information has been provided to us by third parties. While it is believed that the information is accurate and reliable, the accuracy of that information is not guaranteed in any way. Past performance is not a reliable indicator of future performance, and it should not be relied on for any investment decision. Whilst care has been taken in preparing the content, no liability is accepted BFG, nor their agents or employees for any errors or omissions in this report, and/or losses or liabilities arising from any reliance on this report. This report is not available for distribution outside Australia and may not be passed on to any third person without the prior written consent of BFG.