According to the latest Westpac Banking Corp (ASX: WBC) weekly economic report, the banking giant's chief economist continues to forecast two more rate cuts by the Reserve Bank.
These cuts will bring the cash rate down to the ultra low level of just 0.25%. Unfortunately, this is likely to lead to Westpac and the rest of the big four banks cutting the interest rates on savings accounts further.
In light of this, if you have $10,000 sitting in a savings account, I would suggest you consider putting it to work in the share market.
Here are three top shares which I would invest the funds into:
A2 Milk Company Ltd (ASX: A2M)
This infant formula and fresh milk company has been one of the best performers on the ASX over the last five years. Its strong share price gains have been driven by explosive earnings growth thanks to the unquenchable demand for its infant formula products in China. Pleasingly, although it is generating significant revenue in China, its market share is still relatively small. I expect further strong market share gains over the next decade, driving above-average earnings growth.
Domino's Pizza Enterprises Ltd (ASX: DMP)
Another option for that $10,000 investment could be Domino's. Although the pizza chain operator's performance over the last couple of years has been a touch underwhelming, its future looks increasingly positive. Management intends to grow its global store network by 7% to 9% per annum for the next 3 to 5 years. Combined with its same store sales growth target of 3% to 6% per annum over the same period, I expect this to lead to strong profit growth.
Pushpay Holdings Group Ltd (ASX: PPH)
A final option to consider for that $10,000 investment could be Pushpay. It is a fast-growing donor management platform provider. Its platform makes donating a seamless experience for both the giver and the receiver. Pushpay's platform has been well-received by churches in the United States, leading to strong market share gains over the last few years. This has allowed Pushpay to deliver impressive sales growth over the period. And thanks to the recent US$87.5 million acquisition of church management system provider Church Community Builder, I believe its strong form can continue for a long time to come.
