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1. Pricey tasks…

Firetrail Small Companies holding, Airtasker, released their 1H22 result this week. It demonstrated the resiliency of the Australian business during lockdowns with total transaction value up 15% yoy. Growth improved as the country emerged post-lockdowns with December up 28% yoy. They also reconfirmed the widespread wage inflation going on through their Airtasker wage price index (AWPI). This measures actual data from completed tasks transactions. There was over 200,000 posted tasks in December, with spikes across hospitality, trades and home services.

Source: Company result

2. All aboard…

Train cancellations caused chaos in Sydney this week. So lots of the team (and city) was back on the road in cars.
We did some digging into what’s going on in the US and found vehicle miles travelled is now up on pre COVID. But public transport is still down 50%. And if you’re wondering what cars everyone is driving, EV sales are still increasing!

Source: Jefferies. Note BEV = battery electric vehicle, PHEV = Plug-in hybrid electric vehicle, HEV = Hybrid electric vehicle

3. Heading Downunder…

Australia re-opened its borders on Monday after being closed for 702 days (since 20 March 2020). Net permanent and long-term arrivals to Australia, a monthly proxy for net immigration, already jumped sharply in December.​ The Government has said that ~80,000 international students have arrived since late 2021. And nearly 35,000 Working Holiday Maker visas have been approved since November. Hopefully the hospitality staff shortages will improve soon!


Source: ABS, Macquarie Macro Strategy


This article is prepared by Firetrail Investments Pty Limited (‘Firetrail’) (ABN 98 622 377 913, AFSL 516821) as the investment manager of the Firetrail Australian High Conviction Fund (ARSN 624 136 045), the Firetrail Absolute Return Fund (ARSN 624 135 879), the Firetrail Australian Small Companies Fund (ARSN 638 792 113) and the Firetrail S3 Global Opportunities Fund (ARSN 653 717 625) (‘the Funds’). Pinnacle Fund Services Limited ('PFSL') (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Fund. PFSL is not licensed to provide financial product advice. PFSL is a wholly-owned subsidiary of the Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22 100 325 184). The Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the relevant Fund are available via the links below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Fund.

Links to the Product Disclosure Statement: WHT3810AU, WHT5134AU, WHT3093AU, WHT7794AU

Links to the Target Market Determination: WHT3810AU, WHT5134AU, WHT3093AU, WHT7794AU

For historic TMD’s please contact Pinnacle client service Phone 1300 010 311 or Email

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