We all want to hold onto the long lazy days of the holiday season, but the new year is racing ahead (whether we like it or not). By now you might be trading family barbeques for coffee with your coworkers and finally getting used to writing “2026” as the date. 

So, this is the perfect moment to take a quick breath, glance back at the financial rollercoaster of last year and gear up for whatever this year decides to throw at us next!

Here’s what went down in 2025

1. RBA cut the cash rate 

After months and months of waiting, the RBA finally gave Australians the cash rate cut we had all been waiting for. The cash rate fell from 4.35% down to 3.60%, which helped ease Australia’s cost of living crisis, especially for mortgage owners. The latest RBA announcement back in December was a pause, but we won’t have to wait too long for the next one in February!

2. Trump introduced global tariffs 

In April, US President Donald Trump turned the world upside down by introducing new tariff policies that affected most of their major trading partners - including Australia. The (unknown) impact of these policies on businesses around the world, rocked the financial boat HARD. 

3. Global stock market crashed

The stock market hates uncertainty, so with all the changes to trade agreements and political conflicts heating up, the S&P/ASX200 and other major global indexes like Dow Jones Industrial Average dropped over 7% within the week of Trump's announcement. Investors were freaking out too, which led to whispers of a potential recession (but didn’t eventuate).    

4. Gold prices surged 

Whenever the financial world is crashing out (think COVID-19 recessions, the Global Financial Crisis, and The Great Depression), there’s always been one asset class that rises in value. Yup, you guessed it - gold. And it was no different during the economic crisis last year… gold prices shot up about 65%.  

5. Australian government introduced more property schemes 

But perhaps the silver lining in all of this were the changes to Australia’s first home guarantee scheme. From October, the government increased availability of the scheme, increased property price caps, and removed income caps to allow more first home buyers to be eligible for support.  

So, who were the top players in the ASX200? 

Throughout this rollercoaster of a year, there were ten ASX200 companies that emerged on top!

Unsurprisingly eight out of ten companies were gold miners, but two unexpected standouts (4DMedical and Droneshield) broke through the mining streak. 

Economic uncertainty alongside political tensions were the perfect condition for the value of gold to rise. But even then, many economists were surprised by how much gold’s value climbed by. 

Meanwhile 4DMedical struck gold of their own. This lung imaging technology company received approval from the US Food and Drug Administration. Subsequently they secured multiple contracts with major US medical centers like Cleveland Clinic, Stanford University, UCSD Health, and UChicago Medicine which boosted visibility and revenue.   

Droneshield started off strong but ended the year on a cliff hanger. This Australian defence tech company secured some big contracts with global militaries, however investors lost some confidence after a massive share sell down from the company’s execs following a contract withdrawal. They still ended the year on a high note despite the volatility and eyes are on the company to see how they navigate 2026. 

So that’s the wrap: med‑tech flexed, drones soared, and gold miners basically carried the whole squad. If last year taught us anything, it’s that the ASX loves a plot twist and 2026 isn’t slowing down any time soon.