Insights

Superannuation has dominated recent headlines, with proposed changes announced by Treasurer Jim Chalmers. While the details of these changes still need to be released, it’s worthwhile turning our focus to superannuation balances as we approach the end of financial year.

The gloomy prospects for economic growth, both in Australia and overseas, are occupying the minds of investors, businesses and political leaders. The early 2023 stock market rally appears to be fading as concerns about inflation and cash rate hikes are having an impact on investor sentiment.

Moving into aged care can be a challenging time, both for those making the move and families supporting their loved ones. It's understandable that everyone wants to find the most suitable accommodation and the appropriate standard of care, however, it can be confusing to make that choice.

As 2022 drew to a close, investors remained focused on inflation, interest rates and recession worries. The ASX200 index declined in December after two months of gains, ending a challenging year showing an overall loss through 2022 of over 7%.

The year began optimistically, as we finally began to emerge from Covid restrictions. Russia threw a curve ball that reverberated around the world and suddenly people who hadn’t given a thought to the Reserve Bank were eagerly waiting for its monthly interest rate announcements.

Treasurer Jim Chalmers’ first Budget was delivered against a backdrop of continuing turmoil on the global economic front. While the UK’s change in leadership and US reports of scaling back interest rate increases were welcomed by financial markets, escalating war in Ukraine, energy supply shortages, rising inflation and interest rates, continue to drive market volatility.

For once, tax measures took a back seat in a Federal Budget, with the second version for this year being billed as a “solid and sensible Budget suited to the times”.

During the month of September, Ben had the pleasure of meeting with Saxo Bank’s Chief Investment Officer, Steen Jakobsen.

In August, the focus was on US Federal Reserve chair Jerome Powell’s speech, during which he reinforced the focus on bringing US inflation down, even at the risk of recession. In Australia, economic conditions are less gloomy, with a good results recorded on our trade surplus and annual wages growth. The ASX 200 showed resistance to US and global falls, performing more steadily over the month.

With the cost of living on the rise, it’s more important than ever to have a financial safety net that protects you and your family in case the unexpected happens.