At present the Westpac Banking Corp (ASX: WBC) economic team is continuing to forecast the cash rate staying on hold at the record low of 0.25% until at least 2022.
I think there is a strong probability that this forecast will prove accurate, which means we will all have to brace for ultra-low rates staying around for some time to come.
In light of this, if you have $10,000 sitting in savings accounts and no immediate use for it, I would suggest you consider looking for superior returns in the share market.
But where should you invest these funds? Here are two top ASX shares that I would buy:
BetaShares Asia Technology Tigers ETF (ASX: ASIA)
I think investors ought to consider putting $10,000 into the BetaShares Asia Technology Tigers ETF. This exchange trade fund gives investors access to 50 of the most exciting technology companies in the Asian market (excluding Japan). These include search engine company Baidu, dominant ecommerce companies Alibaba and JD.com, electronics giant Samsung, and WeChat owner Tencent Holdings. The latter is also a major Afterpay Ltd (ASX: APT) shareholder.
As these companies are revolutionising the lives of billions of people in the region, I believe they are exceptionally well-placed for growth in the 2020s. In light of this, I feel very confident the BetaShares Asia Technology Tigers ETF will outperform the ASX 200 index for the foreseeable future.
Nearmap Ltd (ASX: NEA)
Another top option for a $10,000 investment could be Nearmap. It is a leading aerial imagery technology and location data company. In May the company released a market update which revealed that its annualised contract value (ACV) had hit $102 million financial year to date. This means it is on course to comfortably achieve its FY 2020 ACV guidance of $103 million to $107 million.
The good news is that this is still only scratching at the surface of its current market opportunity. Management estimates this to be worth $2.9 billion per year at present. Given the quality of its technology and the highly fragmented market that it operates in, I believe it is well-placed to capture a big slice of this market. This could put the Nearmap share price in a position to generate strong returns for investors over the 2020s.
