Finance News

From the monthly archives: May 2021

We are pleased to present below all posts archived in 'May 2021'. If you still can't find what you are looking for, try using the search box.

7-day lockdown in Vic, and something for business owners to consider this time round

Posted on Thursday, May 27, 2021
Well, here we go again! As you will likely have heard, Victoria has been put into yet another "circuit breaker" lockdown, this time for 7 days. There are only 5 reasons to leave home: the 4 we're used to, plus to go get vaccinated. Obviously the impact on Victorian businesses will be immense, with other states and territories slamming their borders closed already. This is a massive kick in the guts, but it pales into insignificance compared with the impact of a longer, more drawn-out lockdown like we saw last year. Fingers crossed, it's all done and dusted in a week. Stay tuned to our social channels for more developments and analysis as things unfold. As we learned during last year's lockdown, these periods of downtime can be used productively to grow and develop our businesses for when we do get back to normal operations. One thing that's worth considering if your business uses contractors, is last week's landmark decision by the Fair Work Commission that some contractors might actuall ... Read the rest of entry »

Concerns around inflation and market volatility seem to be the new norm

Posted on Thursday, May 20, 2021
It seems concern around inflation and market volatility is the new norm at the moment. I've had multiple enquiries from concerned clients over the past week. One of the great parts of my job is I get the opportunity to speak with a wide range of people every week, from clients and colleagues through our business, to other industry experts through my media commitments. This week I had two really informative conversations with fund managers Jonathan Armitage from MLC and Matt Sherwood from Perpetual. If you have questions or concerns around inflation and market volatility, I really encourage you to listen to these two interviews, as they should go some way to explaining the situation. These two guys are experts in their field with huge sums under management, so they know their stuff. And if you'd like to hear more, you can tune in to Money News on the Nine Radio network (including 2GB & 3AW) tonight from 7pm, as I once again have the privilege of hosting the show. ... Read the rest of entry »

My top 10 highlights from the federal budget

Posted on Wednesday, May 12, 2021
Last night’s federal budget is a far cry from the pre-COVID budgets of this government. They were all about paying down debt. This budget is about spending our way out of the COVID crisis, with very little regard for the growing debt and deficit, obviously until unemployment is under control.   There were a few highlights for me, most of them around superannuation: Repeal of the work test: Currently, Australians aged 67 – 74 must satisfy a work test (or the work test exemption) to be eligible to make super contributions. The work test will no longer apply when making non-concessional super contributions or salary sacrificed contributions. People in this age group will also be able to access the non-concessional bring-forward arrangement, subject to meeting the relevant eligibility criteria. Downsizer contributions age reduced: The age at which people are eligible to make a downsizer contribution will reduce from 65 to 60. This will allow an after-tax contribution of up to $300,00 ... Read the rest of entry »

The COVID situation in India and the impact on your bank

Posted on Thursday, May 6, 2021
The coronavirus situation in India is devastating. We’ve all seen the pictures and heard the mounting numbers. It’s horrific for the Indian people and our sincerest sympathies and best wishes go out to them.   And without wanting to sound trite or disrespectful, the situation in India is likely to also have an impact on your bank. Most Aussies aren’t aware that Australian banks rely heavily on Indian workforces, beyond just their call centres.   Why? Because Indian workers are cheaper than Australian workers, especially for back-office and call centre staff. One major Australian bank employs tens of thousands of Indians to run its IT centre in Bangalore, for example.   It follows that our banks, along with many other businesses, are going to be negatively affected as their Indian workforces adjust to working from home, or not working at all. So what does it mean for you?   Anything that’s usually handled in India will likely be impacted, includi ... Read the rest of entry »

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